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1.56 MB
Extraction Summary
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Document Information
Type:
Economic research report
File Size:
1.56 MB
Summary
This document is page 12 of a Standard & Poor's economic research report dated August 5, 2014, titled 'How Increasing Income Inequality Is Dampening U.S. Economic Growth.' It analyzes U.S. education levels compared to international peers like Canada, Japan, and Korea, noting that U.S. graduation rates have stagnated. The page includes a chart sourced from the OECD and projects that increasing education rates could boost U.S. GDP by $525 billion. The document bears the Bates stamp 'HOUSE_OVERSIGHT_025774', suggesting it was produced during a House Oversight Committee investigation, likely related to financial records from institutions connected to Jeffrey Epstein.
Organizations (3)
| Name | Type | Context |
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| Standard & Poor's |
Author of the economic research report.
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| OECD |
Organisation for Economic Co-operation and Development, cited as the source for Chart 5.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_025774', indicating this document was part of a congressional investigation.
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Primary subject of the economic analysis.
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Comparison country in education statistics.
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Comparison country in education statistics.
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Comparison country in education statistics.
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Comparison country in chart.
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Comparison country in chart.
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Comparison country in chart.
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Comparison country in chart.
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Comparison country in chart.
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Key Quotes (3)
"The pace of U.S. education is also falling behind its peers (see chart 5)."Source
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Quote #1
"As today's U.S. educational attainment slips behind other countries, the U.S.' ability to remain economically competitive in the international market is threatened."Source
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Quote #2
"U.S. potential GDP would likely be $525 billion, or 2.4% higher in five years than in the baseline"Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,314 characters)
Economic Research: How Increasing Income Inequality Is Dampening U.S. Economic Growth, And Possible Ways To Change The Tide
potential addition to growth of a worker who has reached his or her full potential.
The pace of U.S. education is also falling behind its peers (see chart 5). Approximately 43% of Americans aged 25-34 had a college degree in 2011, compared with more than half of people the same age in Canada, Japan, and Korea. Moreover, the proportion of degree holders among Americans aged 25-34 is virtually the same as that among those 55-64, meaning that graduation rates haven't changed much--a sharp contrast with the OECD average and a number of other countries, where graduation rates have increased significantly. As today's U.S. educational attainment slips behind other countries, the U.S.' ability to remain economically competitive in the international market is threatened.
Chart 5
U.S. Education Is Slipping Behind
[Chart Legend: Blue square 25-34, Yellow square 55-64]
[Y-Axis Label: (Percentage of tertiary degrees by age group, 2011)]
[X-Axis Labels: Canada, France, Germany, Italy, Japan, Korea, Mexico, The U.K., U.S., OECD average]
Source: The Organisation for Economic Co-opration and Development (OECD), "Education At A Glance 2013."
© Standard & Poor's 2014.
U.S. Education Is Slipping Behind
[Chart Legend: Blue square 25-34, Yellow square 55-64]
[Y-Axis Label: (Percentage of tertiary degrees by age group, 2011)]
[X-Axis Labels: Canada, France, Germany, Italy, Japan, Korea, Mexico, The U.K., U.S., OECD average]
Source: The Organisation for Economic Co-opration and Development (OECD), "Education At A Glance 2013."
© Standard & Poor's 2014.
What if, instead, we broke that cycle? What if the supply of educated workers picked up its pace, and, more or less, kept up with technological changes? The U.S. has been no stranger to this in the past. In the early part of this century, technological advancements were accompanied by an education boom (29). What would be the impact to the economy and to people's pocketbooks if the U.S. workforce's pace of education were to reach rates of education seen 50 years ago? That was when the American workforce gained a year of education from 1960 to 1965, which is a bit stronger than the period from 1950 to 1980, where they gained an average of about eight months of education every five years (30). In this scenario, the U.S. would add another year of education to the American workforce. U.S. potential GDP would likely be $525 billion, or 2.4% higher in five years than in the baseline (see chart 6). If education
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
AUGUST 5, 2014 12
1351366 | 302136118
HOUSE_OVERSIGHT_025774
AUGUST 5, 2014 12
1351366 | 302136118
HOUSE_OVERSIGHT_025774
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