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Students nationwide face lower earnings over their lifetime because of a loss of education during the pandemic, a Stanford economist said in a recently completed study, adding that the loss will be even greater for California students.
The average student across the U.S. will lose $70,000 in earnings over their lifetime if something isn’t done to offset the learning loss.
California students may lose more than $70,000 in lifetime earnings because earnings overall are higher in California than in many other states.
Economist Eric Hanushek at Stanford’s Hoover Institution said to offset the loss “we need more effective teachers.”
Hanushek is an international expert in the economic analysis of educational issues.
He said the quality of learning is more important than the quantity of learning when it comes to offsetting the loss. Quality depends on the effectiveness of teachers, he said.
To improve learning quality, he said, schools can provide incentives to its best teachers.
“You provide incentives to your better teachers to take on more kids,” Hanushek said in an interview Thursday.
Schools systems now have a lot of federal money available to them and that money could be used to provide the incentives, Hanushek said. The money could also be used to buy out the contracts of the least effective teachers, he said.
Schools have tried to promote additional or longer school days to make up for learning losses. Hanushek said that may not be effective.
Hanushek estimated the loss in each state’s gross domestic product over the rest of the 21st century due to what may be a lower-skilled workforce.
GDP is expected to be about 1.4% lower each year in California over the rest of the century than it would be if the learning loss did not occur, according to the study. In dollar terms, the loss comes to $1.3 trillion through 2099.
Hanushek calculated that amount by adding up the losses each year and reducing the future ones. The future ones were reduced by an amount to account for their uncertainly and because losses in the future are not as painful as present ones.
California’s gross domestic product was about $3.37 trillion in 2021, according to the Federal Reserve Bank of St. Louis.
“These losses are permanent unless a state’s schools can get better than their pre-pandemic levels,” Hanushek wrote in the study.
The immediate impact on California and other state’s economies will begin to be felt when current students finish school and become a substantial part of the labor force, the study said.
Because it will not be felt for years, people may ignore the impact.
“That is a mistake, because the economic impact is truly significant,” Hanushek wrote.
The study also said that disadvantaged children suffered greater losses in learning than other children and therefore may suffer greater losses in earnings.
Just an Observation,
Given that long term financial stability has declined for 40 years in the U.S. and economics reports are not willing to deal with it, reports like this are very suspicious. In fact Economics has been proven to be a corrupted study ever since the film “Inside Job” exposed it very well.
Especially where it is now becoming more evident that a college education may not be worth the long term debt. MANY economic models are accepted without question and without evidence to VALIDATE them.
Economics being a SOCIAL science means that it is impossible to predict the futures, and worse impossible to rule out any variables (or pick out only one possible problem) as the source of the results.
I have an associated degree in LIFE SCIENCES as well as a bachelors in business admin. I can say that the ability of economics to accurately predict the future is impossible. LIFE SCIENCES are able to establish a CAUSE and EFFECT relationship by EXPERIMENTATION. However economics has NO ECONOMIC LABORATORIES to prove any theories. They cannot eliminate all other variables to single out only one is a CAUSE and an EFFECT.
Please be careful what you read.
Shocking revelation as a Hoover Institute Thought Leader blames teachers for the pandemic!
Just an Observation,
I think above referenced the following news article https://news.stanford.edu/2020/11/20/faculty-senate-condemns-actions-hoover-fellow-scott-atlas/
specifically:
“Among the actions cited are: discouraging the use of masks and other protective measures, misrepresenting knowledge and opinion regarding the management of pandemics, endangering citizens and public officials, showing disdain for established medical knowledge and damaging Stanford’s reputation and academic standing. The resolution states that Atlas’ behavior is “anathema to our community, our values and our belief that we should use knowledge for good”
resulting in:
“The resolution singles out for criticism Atlas’ recent Twitter call to the people of Michigan to “rise up” against new public health measures introduced by Gov. Gretchen Whitmer to curb disease spread.
“As elected representatives of the Stanford faculty, we strongly condemn his behavior,” the resolution states. “It violates the core values of our faculty and the expectations under the Stanford Code of Conduct, which states that we all ‘are responsible for sustaining the high ethical standards of this institution.’”
So to use your phrase that “Shocking revelation as a Hoover Institute Thought Leader blames teachers for the pandemic!” was VERY misleading.
And unfortunatley we are still in a tsunami of new variants of Covid, it is not getting much press https://www.cnn.com/2022/12/30/health/covid-variants-concern-new-year/index.html
In the United States, the Omicron subvariants XBB.1.5, BQ.1.1, BQ.1, BA.5 and XBB are causing almost all Covid-19 infections, according to data from the US Centers for Disease Control and Prevention.
For this week, the CDC estimates that XBB.1.5 now causes 40.5% of cases in the US, followed by BQ.1.1 at 26.9%; BQ.1 at 18.3%; BA.5 at 3.7%; and XBB at 3.6%.
Each new variant is more evasive regarding vaccines, treatments and longer term damages.
Oh, that is so impressive..but not surprising.