Spending $4 trillion to fix inequities in U.S. higher education would pay for itself in 9 years: RPT
Aarthi Swaminathan of Yahoo Finance resolves imbalances in the US higher education system.
- Welcome back. A new study shows that spending $ 4 trillion on inequalities in higher education would pay for itself in a decade, even though it is expensive. We have our education reporter Aarthi Swaminathan who is now accompanying us with all the details from this study. Hello Aarthi. What's happening here from this report?
AARTHI SWAMINATHAN: Yeah, we have a new study from Georgetown and it's pretty brave - like you said, $ 4 trillion, like a huge price. But it's basically about the massive inequalities in education. We know that there is a difference between the average white individual and the Asian American individual and the rest of the population in terms of education.
So this is a thought experiment by the Georgetown Center for Education and Workforce. If you spend $ 4 trillion it will pay off. You save $ 965 billion annually because you would not only improve income, but also increase tax revenue, increase spending, and thereby increase GDP. They will also reduce reliance on public aid programs, public health programs, and criminal justice spending. And the bigger impact of this is that in nine years, if you were to spend $ 4 trillion now, you would actually get more out of it and gain more in terms of benefits to society than just costs.
And I thought that was - initially when I looked at the price tag I thought it was just so expensive. It's twice as expensive as the American Family Plan, which many people already say is expensive, but when you just zoom out on higher education and the people who lag behind, the benefits seem pretty reasonable to me.
- As they always say, prevention is always worth much more than cure. And always
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