could lose $61,000 to $82,000 in lifetime earnings
(in constant 2020 dollars), or the equivalent of a year
of full-time work, solely as a result of COVID-19–
related learning losses. These costs are significant—
and worse for black and Hispanic Americans.
While we estimate that
white students would earn
$1,348 a year less (a 1.6 percent reduction) over
a 40-year working life, the figure is $2,186 a year
(a 3.3 percent reduction) for black students and
$1,809 (3.0 percent) for Hispanic ones.
This translates into an estimated impact of $110
billion annual earnings across the entire current
K–12 cohort
20
(Exhibit 4). Of that sum, $98.8
billion would be associated
with loss of learning
and the rest ($11.2 billion) with the increase in the
number of high-school dropouts. This is not just an
economic issue. Multiple studies have linked greater
educational attainment to improved health, reduced
crime and incarceration levels,
and increased
political participation.
The damage to individuals is consequential, but the
consequences could go deeper: the United States
as a whole could suffer measurable harm. With lower
levels of learning and higher numbers of drop-outs,
students affected by COVID-19 will probably be less
skilled and therefore less
productive than students
from generations that did not experience a similar
gap in learning.
21
Furthermore, if other countries
20
Using projected learning loss onto the National Assessment of Education Progress and its relationship with the country’s GDP and earnings.
In addition, in all calculations below, we have accounted for the effects of an economic recession on academic outcomes.
Exhibit 4
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