MassBudget: A Well-Educated Workforce is Key to State Prosperity
Massachusetts Budget and Policy Center
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.
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.