On July 24th, Dr. Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, gave a video keynote speech to 3,200 community and youth leaders attending the Children’s Defense Fund’s National Conference in Cincinnati -- not on the details of national fiscal policy, but on the crucial importance of effective early childhood supports and public education to the success of our economy. His remarks were strongly reinforced by a very distinguished panel of leading scholars, educators and education activists who spoke about the national imperative of preparing all children for school and building a public education system that prepares all children and our nation for the future. Here is most of what Dr. Bernanke said:
At the Federal Reserve, we spend a lot of time looking at economic data, such as production and employment. In doing so, we try never to forget that these seemingly sterile numbers are in fact reflections of the economic aspirations, opportunities, and well-being of millions of Americans. When individuals are denied opportunities to reach their maximum potential, it harms not only those individuals, of course, but also the larger economy, which depends vitally on having a skilled productive workforce. As a result, we all have a stake in the essential work that you are doing for our children.
So how can we improve the opportunities for all children and give them a chance to succeed in our ever-changing globalized economy? As the husband of a teacher and an educator myself, as well as a parent and former school board member, I know from personal experience that for creating opportunity and changing lives, there is no substitute for a quality education. The research shows that effective educations lead to lower rates of poverty, higher lifetime earnings, and greater satisfaction on the job and at home, and specialists in economic development have identified educational attainment as a key source of economic growth and rising incomes in many countries around the world.
Although education and the acquisition of skills is a lifelong process, starting early in life is crucial. Neuroscientists observe that if the first few years of a child's life includes support for healthy development in families and communities, the child is more likely to succeed in school and to contribute to society as an adult. Conversely, without support during these early years, a child is ultimately more likely to drop out of school, earn lower wages, depend on government programs, or be incarcerated.
Consistent with this research, early childhood education programs aim to nurture healthy development from the earliest years. Programs that provide enriched experiences for children and that also involve parents have been shown to benefit children from all backgrounds, but they have the strongest influence on children from disadvantaged environments. Importantly, state preschool assessments have shown that early childhood education programs make children better prepared for school, a precursor of future success.
The benefits of early childhood programs are not just short term in nature. Careful studies demonstrate that early interventions can have a positive effect on young children from low-income families that last well into adulthood. For example, analysis of one program shows that children who attended a high-quality, half-day preschool program at ages three and four were at age 40 more economically successful and, for example, more likely to own their own homes than nonparticipants in a control group. In other evaluations, long-term benefits were demonstrated for a full-day early childhood education program starting before age one and for a nurse-based home visiting program. Economically speaking, early childhood programs are a good investment, with inflation-adjusted annual rates of return on the funds dedicated to these programs estimated to reach 10 percent or higher. Very few alternative investments can promise that kind of return. Notably, a portion of these economic returns accrues to the children themselves and their families, but studies show that the rest of society enjoys the majority of the benefits, reflecting the many contributions that skilled and productive workers make to the economy.
The Federal Reserve has long supported increasing educational opportunity for children, including the youngest. Federal Reserve banks have published articles and convened community forums on early childhood issues. For school-age children, we sponsor financial literacy and economic education programs, and for these programs, we make a special effort to reach schools with high proportions of minorities and lower income children. …I hope we will one day achieve the Children's Defense Fund's goal of a level educational playing field for all children.
Another strong plea for early childhood and education investment at the conference came from former Proctor and Gamble chairman John Pepper who said:
I truly believe that... ensuring a level playing field for all children is the social justice issue of our time. It borders on being criminal to me to fail to give children and families who most need our help childhood support that we know from experience will make a difference for a lifetime. Why is it that in all the campaign talk that we're hearing, almost none of it concerns this subject? We should expect and we should demand better. Not only, if I might conclude, is this the social justice issue of our time, it is also the economic issue of our time. We can talk about jobs till we're blue in the face, but none of it is going to happen if we continue to fail to support the development of those youngest people most in need. It doesn't have to be this way, and I hope it won't continue to be.
The Children’s Defense Fund believes that the greatest threat to America’s national military and economic security and democracy comes from no enemy without, but from our failure to invest in and prepare all of our children for the future right now. Today, 60 percent of fourth and eighth grade public school students in all racial and income groups, more than 75 percent of Hispanic and more than 80 percent of black children cannot read or do math at grade level. Only three percent of eligible infants and toddlers receive Early Head Start, and our nation has been unwilling to ensure high quality universal pre-kindergarten and kindergarten systems to get all children ready for school or excellent and equitable public schools to ensure that children are college ready and prepared for productive work. A child unable to read or compute at grade level and graduate from high school college- or workforce-ready is being sentenced to social and economic death in our globalizing and competitive economy. Closing the achievement gap between non-poor and poor children and white and non-white children must be an urgent national priority. We know what to do; what we are missing is the public and political will to do it. It’s time for urgent and transforming change for our children’s and our nation’s sake.
Follow Marian Wright Edelman on Twitter: www.twitter.com/ChildDefender
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I was just a kid so what do I know, but it has merits
big family & at home mum admittedly
very motivating tho. Get it done & then you can goof off, go exploring etc.
so much class time is on petty discipline or waiting for the slow ones to catch up
I agree, there is a social element to school - not all good - but not insurmountable problems - many kids go to out of area schools & hang out with locals
in the age of the net - worth considering
Whats not to like.
You can be anywhere on the planet & absorbing the wisdom of the smartest guys in millenia from a pocket book that cost a pittance
folks - best u can do for kids is opening that door by making reading a fun & vital skill.
but you have to lead by example
you cant show them the benefits if you cant demonstrate the results with wit & wisdom etc
I know its hard if there is no family history of education, just saying, if its what you want for your kids, you have a duty to try also.
Remember the British rigging libor has destroyed the revenue base of states and municipalities to pay for public services and support the school systems.
Problem is, that not even HSBC caught laundering money for 9/11 terrorists is enough for the US government to SHUT DOWN the FRAUD that Ben Bernanke and the City of London has wraught.
It must be that "special relationship" that makes Anglo-American financial fraud cute-n-funny.
drop out & go to trade school. Its what the germans do.
Its a better life than most office workers have. Nothing stopping you from getting the education bug later in life.
Yes, after 30 years of the neoliberal ideology permeating America where cutting public sector spending for socioeconomic services like education and health care are all the rage.
Reducing the safety net for the poor, and even maintenance of roads, bridges, water supply -- again in the name of reducing government's role. Of course, they don't oppose government subsidies and tax benefits for business.
Eliminating the concept of "THE PUBLIC GOOD" and replacing it with "individual responsibility." Pressuring the poorest people in a society to find solutions to their lack of health care, education, jobs, housing, food and social security all by themselves -- then blaming them, if they fail, as "lazy."
Those born into abject poverty are responsible for their own lot int life, picking the wrong parents has consequences.
We have been throwing ever larger quantities of money at education for decades. Between 1970 and 2010, the inflation adjusted educational expenditure per child has doubled...And by every objective measure, educational progress has stalled. Median annual K-12 expenditures currently exceed $10,000 per child, and in places like Los Angeles and New York City, that number is over $30,000.
I would never suggest that schools and teachers couldn't improve, but we've been beating-up on schools, teachers, and their unions for decades, and introduced charter schools and magnet schools--Still, there have been as many failures as successes.
The key to school success is the student. The greatest teacher in the world won't be able to turn-around a classroom full of unmotivated students; conversely, a mediocre teacher can be pretty successful with a classroom full of honors students.
Perhaps our improvement efforts should focus on the largest factor affecting school success--The Student.
Throwing more money at education, without fundamentally changing the relationship between children, parents, and educators isn't going to effect meaningful improvement in
Interesting observation. I wasn't actually thinking about what is being taught, but you bring-up a good point. Most early educational reformers viewed high school as a Liberal Arts college for the masses--
I went to 17 schools~ & a big factor is the headmaster etc. If he is a slack time server, the school is ~doomed
Where do you get all these bizarre concepts and ideas?
No bank has the "right" to print money. The US government is the sole issuer of the US dollar, no one else.
I'm not sure what money supply Mx, you are referring to, however, the money supply is not expanding since the economy is not expanding. Are you conflating the stock of money with the supply of money?
Money is put into circulation (created) by the US Federal government spending or banks extending loans. At which point the money supply expands and as the loans are repaid it once again contracts.
The days of the gold standard and convertible currencies are long gone, time to get some new books to read.
But.
The article seems, however badly, to refer to education. In that vein I am forced to point out that the writer seems to have an amazing grasp of the concept of Grade Level. Since Grade level is the median score in a population, meaning half above and half below that score, if you say 60% are below grade level then since grade level would be 50% then 60% means one out of ten in the defined group are below the expected number performing at or below median level. 80% may sound bad, but it means that 3 out ten are below the expected level. Hardly a disaster. Unlike lake woebegon, all the kids can't be above average.
Again. In a population of students half test below grade level, by definition.
So, "closing the gap" between black students at 80% and all public school students at 60% would mean improving the performance of two out of ten black students. Not that hard. And I guess that the 60% number comes from including scores from private schools? Probably not possible. Facts are messy things.
And, One Top, arguing econ with those who think the supply of printed bills has something to do with the supply of money will drive ya batty.
Life holds no gaurantee you will be working no matter what your education level.
More youth propaganda.
http://www.warresisters.org/federalpiechart
That is spent on the idea that through military hegemony, America will remain competitve.
It's not working.
It cannot work.
If America is to remain competitive we must invest in America and Americans.
Build the failing, rusting infrastructure that we've relied upon to get where we are.
Not waste a single mind - invest in schools and Americans.
Social darwinism is extraordinarily wasteful.
As we watch the Olympics we are all mindful of the facilities (infrastructure) and coaching (education) it takes to produce a great athlete.
For America to compete we must build infrastructure. And, we must invest in Americans and coach all Americans so that we waste no opportunity for achieving continued success.
The root causes of our problems are deep, yet simple:
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
--Henry Ford
The award-winning documentary film, "The Secret of Oz" provides honest, eye-opening discussion of the root cause and (very importantly) solutions to our nation's and the world's economic problems. Precisely the info the "fat cat" 1% from Wall Street/IMF want the 99% Main Streeters to remain ignorant of.
The Secret of Oz: http://www.youtube.com/watch?v=swkq2E8mswI (Winner, Best Docu of 2010)
Excellent further resources: (1) Ellen Brown's recent and popular book “Web of Debt”, (2) the earlier “Creature from Jekyll Island” by G. Edward Griffin, and (3) the book that first probed: “Secrets of the Federal Reserve” by Eustace Mullins. The third one's the true eye-opener...
More great info at http://www.monetary.org
Readers, educate yourselves.
Thank you, and Enjoy.