McKinsey & Co. released a troubling report this week called "The Economic Impact of the Achievement Gap in America's Schools." It concludes that:
"If the United States had closed the international achievement gap between 1983 and 1998 and raised its performance to the level of such nations as Finland and Korea, US GDP in 2008 would have been between $1.3 trillion and $2.3 trillion higher, representing 9 to 16 percent of GDP."
"If the United States had closed the racial achievement gap and black and Latino student performance had caught up with that of white students by 1998, GDP in 2008 would have been between $310 billion and $525 billion higher, or roughly 2 to 4 percent of GDP. (The magnitude of this effect will rise in the years ahead as blacks and Latinos become a larger proportion of the population.)"
If you don't feel like spending time this sunny weekend reading the whole report, here's a good summary from Tom Friedman.