Our preoccupation with the immediate crisis of financial capital is causing us to overlook the bigger crisis in America’s human capital. While we commit hundreds of billions of taxpayer dollars to Wall Street, we’re slashing our outlays for public education….
The result, across the nation: Teachers are being laid off and new hiring frozen, after-school programs cut, so called “noncritical” subjects like history eliminated, schools closed, and tuitions hiked at state colleges and universities.
It’s absurd. We¹re bailing out every major bank to get financial capital flowing again. But we¹re squeezing the main sources of our nation’s human capital. Yet America’s future competitiveness and the standard of living of our people depend largely our peoples’ skills, and our capacities to communicate and solve problems and innovate not on our ability to borrow money.
Thomas J. Mertz