Economic Prosperity

The United States would not be the global economic powerhouse it is today were it not for its colleges and universities. Whether people earn a degree or not, all Americans benefit from the contributions of higher education to the nation’s economic growth and prosperity.

Historically, education has always been a driving force in the nation’s economic progress. That was true during the nineteenth century. As the nation gradually industrialized and grew westward, an expanding network of universities helped to advance innovation and rising productivity, both in the country’s factories and on its farms. It was equally true in the mid-twentieth century, as new industries related to chemicals, plastics, electronics, and automobiles fueled the dramatic expansion of American business, suburbanization, and a thriving consumer economy. Again, the nation’s colleges helped lead the way, educating generations of Americans with the new skills they needed to succeed in the burgeoning economy and advancing research in medicine, engineering, and a host of scientific fields, many of which led directly to commercial applications, new products, and jobs.

Today, the U.S. economy depends more than ever on knowledge, and the role of colleges and universities to help generate and share it. Traditional activities like manufacturing and agriculture have given way to internet-based digital technologies, service-oriented industries such as consulting, financial services, and healthcare, and creative Industries such as media, design, and entertainment—activities that rely fundamentally on higher education. College helps everyone prosper, whether you earn a degree or not. If Americans hope to continue enjoying the benefits of this “knowledge economy,” it’s vital that we maintain the strongest possible system of higher education.