News & Highlights
Investment in early education critical to economic reform
In his recent essay, “A Balanced Approached to Monetary Policy,” Federal Reserve Bank of Dallas president and CEO Robert S. Kaplan considers the impact of technology on the U.S. employment rate and the future.
He cites “technology-enabled disruption,” referring to workers increasingly being replaced by technology. Kaplan suggests that this disruption more greatly impacts workers with lower levels of education than those with higher levels of education because the jobs of lower-level educated workers are more likely to be replaced by technology.
To mitigate this trend, Kaplan makes a case for closing the skills gap and increasing the educational attainment of the future workforce. He writes, “The impact of technology-enabled disruption on the workforce is likely less susceptible to monetary policy – it requires structural reforms. The reforms could include improving early childhood literacy and overall college readiness in order to increase the percentage of students who graduate college in six years or less – now estimated at 50 percent in the U.S.”
Kaplan’s comments support Collaborative for Children’s position that high quality early education is a tool to strengthen our economy. Its programs serving child care professionals and families of young children are designed to increase children’s school readiness, which in turn impacts their success in school and, ultimately, their graduation and future educational attainment.
Collaborative for Children president and CEO Carol Shattuck appreciates the essay and Kaplan’s observations, saying, “We at Collaborative for Children have been spreading the word about this for some time, as well as acting on such structural reforms through our programs to improve the quality of early education in our 13-county region.” She hopes investors will see Kaplan’s position and make investment in early childhood education a priority.
Shattuck adds, “With continued and increased investment into early childhood programs and advocacy for policy improvements, there’s no reason today’s Houston children can’t be successful in the future workplace.”