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Article Summary: In "4 Ways to Invest in Education and Greatly Reduce the Cost of Ignorance," Dr. Bernie J. Mullin explores how strategic investments in education from early childhood through professional certifications can significantly reduce societal costs. Highlighting the economic disparity between degree holders and non-degree holders, Dr. Mullin emphasizes the importance of quality preschool experiences, equitable funding for K-12 education, and alternatives to traditional college paths. These investments not only benefit individuals but also promise long-term societal savings by reducing crime, unemployment, and other social issues.
4 Ways to Invest in Education and Cut the Cost of Ignorance
by Dr Bernie J. Mullin.
Having been a university professor for ten years, I have seen the cost of attending college soar. Meanwhile the financial benefits have come under increasing scrutiny, especially given that it takes so many students decades to pay off their student loans, even at moderate interest rates.
But the economic disparity between college degree holders and those without a degree is enormous. Today, the average salary of a college graduate in America is $77,000, while the average salary for someone lacking a college degree is $29,800. That's a staggering 61% less. Recent studies also show that college graduates live an average of seven years longer than those without a college degree. Maybe life, liberty and the pursuit of happiness does pass through the hallowed halls of our universities after all.
So how can we improve access to education? It starts well before senior year in high school. Here are 4 ways to produce better-educated, healthy, and happy Americans in the future:
1. Consider the fundamentals.
The most critical issue when it comes to decisions around career choices and opportunities happens far earlier than even high school — it comes shortly after birth. There is no doubt that home is where education starts, and nurturing, support, consistent discipline, and structure at home is vital.
Numerous studies show that a safe environment away from “a dangerous hood” — and all its virtually inescapable pressure to suck the family and every child down — has a fundamental impact, and can help elevate a child to success in later life.
2. Improve early education.
The preschool experience is another critical factor — and we need to focus on it nationwide. A quality preschool experience socializes the child to get along with others while learning how to take direction.
Success in preschool primarily must be defined by the quality of output — namely a child entering kindergarten with the fundamental tools for success, including basic reading and math skills, be able to write and say the alphabet, make simple “cat sat on the mat” sentences, and ideally, know how to read and write numbers at least up to 10, and add 1 plus 2 and get 3. That means offering every American child a quality preschool experience for free (five states already do).
Some $150 billion in additional federal funding would be needed annually to provide quality preschool education for the four million American children born every year. Or states could reallocate more of their lottery funds towards youth education, saving parents at least $10,000 per child per year on childcare and reducing the need for many caregivers to take a second job and have even less time with their children.
3. Invest in primary, middle and high schools.
The amount and nature of financial support for primary, middle and high schools varies by locale and demographic. The difference currently is -$2,150 annually, or 19 % less per pupil for schools with predominantly students of color.
The federal government needs to step in here. It would cost taxpayers an estimated $14.5 billion per year to bring the approximately 15% disadvantaged grade, middle, and high schools up to the higher standard of funding.
4. For some students, consider professional certifications instead.
A strong economic case can be made that not all students have what it takes to survive the academic rigor of college — and there's a better alternative. Many high school students today may want to consider professional certification instead.
Currently there is strong demand for many professions, including plumbers, electricians, auto mechanics, HVAC repair and maintenance, IT/data and technology, and across numerous support areas of the medical field. The median take home pay of a plumber in the U.S. today is $58,880, while an electrician on average earns $61,391. Additionally, the field of cosmetology does not require a degree — and the average pay of a beautician or aesthetician is $39,000, though a number of professionals and those who own their own business make significantly more.
Make a Small Investment for Massive Benefits
Considering altogether, this additional annual investment of +/- $164.5 billion is very similar to what the U.S. Government currently provides in annual support for Ukraine, Israel, and Palestine in fighting their wars. Would not an equal investment in providing quality education for our American youth provide a much greater overall and longer-term return?
The massive savings that would result from reducing the need for social programming — including reducing youth crime, teenage pregnancy, young adult drug and alcohol addiction, and unemployment— would more than cover this increased expenditure.
Copyright 2024. All Rights Reserved.
Book by this Author:
BOOK: Reimagining America's Dream
Reimagining America's Dream: Making It Attainable for All
by Bernie J. Mullin.
When Bernie J. Mullin first arrived in the United States in the 1970s, he saw his new home as a land of unrivaled opportunity. In the fifty years since, he has embraced everything that America has to offer. Bernie’s American journey has seen him rise from college student to pioneer of a new academic discipline, and from small business owner to senior roles at some of America’s most beloved sports institutions. But as his own star rose, Bernie watched in alarm as the ties that bind America together began to come loose. Reimagining America’s Dream is his prescription for the fever that is pulling America apart.
This book shows that the American dream has become increasingly unattainable for many of this country’s citizens. And as that dream fades, so the fabric of our nation begins to fray. To grasp the promise of an ever-more perfect union, we need a common purpose. Reimagining America’s Dream maps a path forward for our nation. It offers a prescription for our current ills and a positive vision for a future in which every American can realize the fruits of their talents and labor. It shows how we can make the American dream attainable for all
For more info and/or to order this book, click here. Also available as a Kindle edition.
About the Author
Dr Bernie Mullin is a groundbreaking sport and entertainment industry executive who's turned around franchises, set all-time revenue and attendance records, and generated $1.5+ billion in revenues for brands from the NFL to the US Open Tennis with his agency, The Aspire Sport Marketing Group. He was CEO of NBA and NHL teams and CMO of the NBA. He's also a globally acclaimed speaker, podcaster, author, and humanitarian who has served on multiple boards, including the United Way; YMCA; and Make a Wish Foundation. His The Aspire Difference Foundation (TADF) focuses on supporting single parents with preschool children. All net proceeds from his consulting, podcasts and books go to support TADF. His new book is Reimagining America’s Dream: Making It Attainable for All.
