When it comes to investing in America’s future, business leaders are saying the smart money is on education.
“Education is the whole ball of wax. Capital can go anywhere in the world to buy labor, and there is nothing we can do to change that. It comes down to having the labor that is best educated and has the most skills. That is what is going to attract capital and create jobs,” explained Patrick Byrne, chairman and CEO of Overstock.com.
Analysts say we see this every day as certain states attract particular industries. For instance, California’s Silicon Valley is well-known for technological innovations. As jobs head to specific areas of the country, wealth tends to follow. This same principle can be applied to the global economy-countries with a capable workforce will attract the most capital and jobs.
Yet the U.S. ranked 15th in reading, 19th in math and 15th in science among the 28 most highly developed nations in 2000, according to a report from the National Center for Education Statistics.
“In the past we’ve gotten around the shortcomings of our education system by in effect importing brains,”...
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