Do the Math: Baby Boomers need to help High School Dropouts
I’ve never seen this written anywhere on the Internet: baby boomers and high school dropouts need each other.
Why? Everyone has heard or read that there are too many baby boomers (retired or retiring soon). For example, when I retire, the U.S. government claims it will pay me approximately $2500 dollars a month for social security. If I live 10 years into retirement (hope so, and more), that’s $250,000. Toss in some Medicare costs and you’re talking easily over $300,000 for ten years of retirement. But I’ve earned it.
Meanwhile, from what I’ve read, one high school dropout will cost society approximately $300,000 over his/her lifetime (too much welfare, poor health, possible incarceration). Sadly, high school dropouts don’t do as well as high school graduates.
A high school dropout faces $10,000 less in income each year than a high school graduate. Visit how much is a GED worth to learn more. In 10 years of my retirement, that high school dropout has lost $100,000 of possible income. How much the government has to spend per year on that dropout for his/her poor health, higher chance of welfare, and higher chance of incarceration costs is unknown (I’m not trying to be mean, these are just the odds).
By my estimate, if I could help just two high school dropouts earn their GEDs, the money I saved the federal government would just about cover my Social Security and Medicare costs (that I have already paid) for 10 years of my retirement. So here’s the challenge: this baby boomer is willing to help two high school dropouts pass their GED.