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Entrepreneurship Strong, Education Weak

Date: 11/28/2006 | Category: Business | Author: Diana Heeb Bivona

In terms of innovation and entrepreneurship, the U.S. remains a global leader. Yet, when it comes to education, we are lagging behind other countries. A fact that will eventually undermine our future living standards, according to the report, “The Competitiveness Index: Where America Stands.”

The recently released report showed that the U.S, for the time being, leads the world in productivity and household wealth growth, job creation and foreign direct investment. However, the author Michael Porter is quick to point out that wealth is growing only for people in the U.S. who have a college education. This is due in large part to the increase in globalization and technology which has led to a demand for individuals with higher-level skills, such as complex communication and creative thinking.

Ironically, while the U.S. invests more in education ($83,910 per student) than most countries, we tend to produce lower test scores than many of those same countries. The unfortunate result may well be a scenario where in 10 years lower-skilled domestic labor will be earning less income and U.S. companies will be looking elsewhere to be their labor needs.

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