Friday, August 23, 2013

MassBudget: A Well-Educated Workforce is Key to State Prosperity

MassBudget  Information.
 Massachusetts Budget and Policy Center  Democracy.

Well-Educated Workers = High-Wage Economy 
We have long known that a high-quality education is vital to helping children reach their full potential. A new paper from MassBudget and EPI documents the strong connection between a well-educated workforce and a prosperous state economy.     

A Well-Educated Workforce is Key to State Prosperity finds that states with better-educated workers have economies that create higher-paying jobs. In fact, in those states with the best-educated workers median wages are roughly 30% higher than in states with less-educated workers. Since 1979, the share of Massachusetts workers with a bachelor's degree or higher has more than doubled, and over those same years state-wide wages have increased significantly.    
Looking at other ways states have tried to strengthen their economies, A Well-Educated Workforce is Key to State Prosperity also finds that lowering tax rates does not seem to help states generate high-wage jobs. There is essentially no correlation between the overall level of taxation in a state and its average wages.  

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A Well-Educated Workforce is Key to State Prosperity is co-authored by Noah Berger, president of the Massachusetts Budget and Policy Center, and Peter Fisher, research director at the Iowa Policy Project. 

Visit the EPI BLOG for a summary of findings
View coverage of the paper in the Washington Post's GOVBEAT BLOG 
The Massachusetts Budget and Policy Center (MassBudget) produces policy research, analysis, and data-driven recommendations focused on improving the lives of low- and middle-income children and adults, strengthening our state's economy, and enhancing the quality of life in Massachusetts.

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