This year’s Investing in Our Future breakfast was one of our most compelling yet, and provided a whole host of answers to questions about why dollars spent on early childhood have an unparalleled impact in our community. Here’s some of what we learned during the breakfast.
Why do economists care about early childhood?
In a nutshell: because it’s solid economics.
An associate economist at the Minneapolis Federal Reserve, Rob Grunewald co-wrote a paper with Art Rolnick, former Senior Vice President and Director of Research at the Minneapolis Federal Reserve, showing that the return-on-investment for early childhood was one of the best of any investment. Why would the Minneapolis Federal Reserve care?
“The Fed,” as it’s also known, regulates banks, holds the checkbook of the federal government, and has a strong interest in what the key ingredients of economic growth are. The primary ingredient? A well-trained workforce, Grunewald said at last week’s breakfast. And the research — like the Perry Preschool study — shows that “if we spend that dollar before children arrive at kindergarten, you’re going to find the highest public return.”
Why should businesses invest in early education?
The Toro Company calls the Twin Cities home, and for Mike Happe, the business case to invest in our children is obvious: they’re our future leaders.
“I am a Twin Cities businessman,” shared Happe, group vice president at The Toro Company and this year’s Investing in Our Future keynote. His 20-year career at Toro and his role as a father both shape his perspective on education.
“It is so vitally important, as it is for many other companies that have their headquarters here, that our future leaders are being nurtured and cultivated in a strong way so that our talent bench is being developed for the success of the community at large but for the companies that are so vital to the community as well.”
What difference does it make?
For Rosario, mother of three, she sees the difference Joyce makes for her family. All of her children attended Joyce and received scholarships. The bilingual books Joyce sends home for them to read are devoured by her children, and the love of reading that bloomed at Joyce allows her children to support their literacy skills together.
“One night, I was studying. I had five exams, so I had a lot to read. And my youngest, Bryan, came up and asked me to read to him, and told him to ask his sister to read to him. So they were reading together. I was left to study my notes, but I was exhausted, and little by little I nodded off. And Bryan, my youngest, came up to me and said, ‘Mom! You need to wake up! Studying is important!’
Takeaways
While so much of what was said had value, there were a few moments that stuck with us as the morning came to a close. Here are a few insights we’ll carry with us, and that can be food for thought and discussion in our community:
“Whether we’re a parent or an aunt or uncle, or we’re a community volunteer, we all have a role to play.” - Kelly Hansen, Training & Job Counseling Coordinator at LEDC
“Leaders are people that have a moral compass, that become thought leaders, that are technical leaders, that are community leaders, that are ambassadors of your organization. We want to make sure that we define leadership in a broad way.” - Mike Happe, on defining what leadership means
“If we had the dollars that we spend on two sports stadiums, we could put all those resources into a permanent endowment and with the earnings from that permanent endowment, provide scholarships for three and four year old children living in poverty or just a little bit above poverty, into perpetuity, achieving a high rate of return, year after year.” - Rob Grunewald, putting expenditures into new contexts
Thanks to our sponsors
Their support made the breakfast possible; we are grateful they invested in the future of the preschoolers here at Joyce, and that they are committed to a bright future for every child.
Thomson Reuters Latino Cultural Employee Resource Group
Pancho Villa Restaurant
Robichaud, Anderson, & Alcantara P.A.