America needs 20 million more college-educated workers over the next 14 years to sustain healthy economic growth in the U.S., according to a study released this week.
The study by the Georgetown University Center on Education and the Workforce (CEW) contends this goal must be achieved for several reasons: It will add $500 billion annually to the nation’s gross domestic product as well as more than $100 billion annually in tax revenue while reversing the growth of income inequality.
The center’s 48-page report called “The Undereducated American” also highlights the fact that, “over the past 30 years, the demand for college-educated workers has outpaced supply,” resulting in the underproduction of college graduates during that period. The trend has seen a growing income disparity between those with college degrees and high school graduates, the report claims.
Co-authors Dr. Anthony P. Carnevale and Dr. Stephen J. Rose calculated that college graduates earn 74 percent more in income than high school graduates in the U.S. If the nation fails to produce enough college-educated workers by 2025, the income differential will widen to 96 percent, according to the report.
Rose said Monday in an interview with Diverse that there aren’t specific calculations on how much the country would have to invest in hiring more post-secondary employees.
“In the short term, it is going to cost you money. But we think it is worth it in the long term,” said Rose, a research professor at the center and a labor economist. “The United States has been a leader of spending money on education for its young people and in the past it has been a remarkably good choice. The thing is, because it worked so well in the past, other countries are certainly doing [investing on education]. If we don’t keep up, we are likely to go backward and have negative consequences.”
Dr. Lorenzo L. Esters, vice president of the Office for Access and the Advancement of Public Black Universities at the Association of Public and Land-Grant Universities in Washington, praised the study for outlining the urgency of ensuring all Americans receive post-secondary education.
