05/22/2007

Cost-Effective Investments in Children

In "Cost-Effective Investments in Children" (Brookings Institution), Julia Isaacs observes...

"American children are facing an uncertain economic future. Rising spending for health and retirement benefits for an aging population, combined with falling tax revenues after several rounds of tax cuts, have led to a fiscal crisis. If the current generation fails to take on the responsibility for balancing the budget, future generations will pay the cost — plus interest — paying off the debt and addressing unfunded financial commitments. Balancing the budget will require a combination of reductions in entitlement spending, reforms in defense and other discretionary spending, and increases in revenues. While the major focus of a responsible, future-oriented budget plan should be deficit reduction, a good budgetary strategy also needs to make targeted investments in programs that will improve America's future economic well-being. Chief among these is effective investments in children to ensure they have the skills to become tomorrow's adult workers, caregivers, taxpayers, and citizens."

Based on her review of benefit-cost evidence, Isaacs goes on to identify four areas of investment that merit expanded federal funding even in a time of fiscal austerity:

• High-quality early childhood education programs for three- and four-year-old children ($94 billion over five years);
• Nurse home-visiting programs to promote sound prenatal care and the healthy development of infants and toddlers ($14 billion over five years);
• School reform with an emphasis on programs in high-poverty elementary schools that improve the acquisition of basic skills for all students ($17 billion over five years);
• Programs that reduce the incidence of teenage pregnancy ($8 billion over five years).

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