Best Economic Development: Investing in Kids?
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October 28, 2009
Rapid City, SD - A top economist from the U.S. Federal Reserve comes to South Dakota on Thursday (October 29), with a unique perspective on the kinds of economic development the state should consider.
Art Rolnick, with the Federal Reserve's Minneapolis office, says most people think of such development as bricks-and-mortar factories and businesses, but South Dakota should not ignore the "returns" it can get from investing in early childhood education.
"Well, it may not sound like 'economic development' in the traditional sense, but what economists have found is that probably the best investment economies can make to promote sustainable growth is investing in people, in human capital and education, training."
Some opponents of spending more on education warn it will cost too much for cash-strapped taxpayers, but State Senator Tom Dempster (R-Dist. 9) believes it's a better use of public funds than, say, using tax breaks to attract a manufacturer to the state. He'd like to get the ball rolling soon.
"The next step, I think, is to construct and to craft some legislation that going to be attractive to the 2010 South Dakota Legislature. "
At the forum, Rolnick says, he'll make the connection between investing in early childhood development programs for at-risk kids and the benefits of an ecomomy that is far more stable. The event is hosted by the South Dakota Chamber of Commerce and Industry, Rapid City Area Chamber of Commerce, and the group South Dakota Voices for Children. It is open to the public, at the Rushmore Plaza Holiday Inn in Rapid City. Doors open at 11:30 a.m.