Report : School Closures from 4-month to 12-month will result in $2.5 to $10 trillion in a total lifetime loss of earnings for all students

the staff of the Ridgewood blog

Clifton NJ,  Common Security Corp. has published the following research brief titled “An Analysis on the Impact of COVID-19 School Closures on Future Earnings of Students in the United States”[https://www.commonsec.org/publication_04_12022020] to present a perspective into a situation that is currently being debated by many state and municipal leaders faced with determining how to approach the status of schools during the pandemic. It serves to highlight the possible long-term damage on economic recovery and the impact that future generations face. Our goal is to provide unique insight to help decision-makers on every level to address the challenges communities are facing as well as start discourse on the long-term variables when it comes public education.

As the U.S. approaches a critical period in the pandemic, with cases rising across the nation but two vaccines on the horizon, we are faced with determining the mark that will be left by the pandemic on the economy, especially to begin preventative measures. It is also vital that we continue to research and better understand the extent of the impact, the variables involved, and design recommendations

Our Chief Policy Officer, Habib Rahman-Kader, prepared this report for his Health Policy Analysis course as he pursues an MPH in Health Policy and Management at Emory University. The report has been edited to provide a more concise policy recommendation. We hope the thought-provoking brief contributes to the discussion and we hope that an effective solution can be developed as policies on economic recovery are hammered out.

The Common Security Corp. is an independent non-partisan public policy organization dedicated to addressing America’s human security concerns, adopting the emerging paradigm of a people-centric approach. We aim to address the issues affecting every American, putting communities at the center of our advocacy, to build a stronger and more united country that will lead to greater freedom and prosperity.

The report concludes :

Calling for the broad and complete school closures to contain the spread of COVID-19 reveals long-term economic harm that will exacerbate the current economic impact, as school closure from 4-month to 12-month will result in $2.5 to $10 trillion in a total lifetime loss of earnings for all students. This translates to 12% to 47% of the U.S.’s annual GDP.

Instead, our recommendation is that the country will be best served by investing a fraction of that sum in protective equipment and testing measures for schools and universities and rearranging classrooms to follow COVID-19 protocols. Another round of school closures will lead to serious economic consequences that will be felt for years to come. We also recommend further analysis of the economic impact stemming from the interrupted education of students.