Why businesses should invest in public education
Wendy Nadel
Mar-8-10,
2010
Most not-for-profits articulate their case based on a moral and ethical
response to their cause.
This is particularly true in the world of public education.
What caring person wouldn’t want to help children break the cycle
of poverty by getting a quality education?
Isn’t education the best route out of poverty?
Of course. But there
is more to this value proposition than just a moral response.
Investment in public education is not just the right thing to do
for kids and families – it’s the right thing to do for kids and families
– it’s the right thing to do for the economic development of our cities
and country. In 2009 69
percent of the students in the U.S. graduated from high school (this
figure is even lower in Yonkers) and this has a grave impact on the
economy.
According to the D.C. – based Alliance for Education, if the
students who dropped out of the class of 2009 had graduated, the
nation’s economy would have benefited from nearly $335 billion in
additional income over the course of the lifetimes.
And, at the same time, the Nation would benefit from their
increased purchasing power, collect higher tax receipts and see higher
levels of worker productivity.
Isn’t this what we want for our local communities?
Take Yonkers, for example, the fourth-largest city in the state
and the largest in Westchester County.
For years the city has struggled with a weak economy, loss of
business and industry, and a high poverty rate.
The recent recession has slowed down the vision of a city
revitalization. What would
the economic benefits to Yonkers be if the dropout rate was cut in half?
This type of analysis is tough to do in Yonkers because it is so
tied to the economy of New York City.
However, consider another city that is not that much larger than
Yonkers, Wichita, Kan.
According to a January 2010 report released by the Alliance for
Education, if Wichita reduced the number of its high school dropouts by
one half, the impact would be astounding.
This class of new graduates would earn as much as $11 million
more annually than those who did not earn a diploma and these increased
earnings would likely allow new graduates to spend an additional $38
million and invest an additional $3 million during the average year.
Their additional spending and investment could be enough to
support 100 new jobs each year.
Furthermore, at the mid-point in their careers, these graduates
will likely spend $21 million more on their homes and $1 million more on
their cars than if they didn’t have a diploma.
So my request to Westchester’s business community is this:
Invest in public education in Westchester’s urban centers as a
vehicle for economic development.
Local and national businesses in Yonkers have, in fact, begun to
do just this. In April, we
will cut the ribbon on a new College Center at Yonkers High School,
funded and renovated by the national real estate company, Related Cos.
A good local school system is a magnet for families and the businesses
that hire them."
-
Ellen Lynch, president and CEO, Yonkers Industrial Development Agency
School,
funded and renovated by the national real estate company, Related Cos.
Ellen Lynch, president and CEO of the Yonkers Industrial
Development Agency, who brokered the deal with Related, said, “Our
chairman, Mayor Amicone, and the Yonkers IDA know that when business
leaders consider where to locate their companies, a key consideration is
the quality of the local schools.
A good local school system is a magnet for families and the
businesses that hire them.”
Related is not alone.
Other companies are involved and together we are working in
partnership with the Yonkers public schools to ensure all children
graduate from high school prepared for college, work and success in
life.
Wendy Nadel is the executive director of Yonkers Partners in Education,
a public education fund that supports the Yonkers public schools.
To learn more about Yonkers Partners in Education or to get
involved, visit
www.ypie.org
or call 914-377-4882 |
