McKinsey and Company released one of the first comprehensive, national studies (COVID-19 and education: The lingering effects of unfinished learning) examining the impact of shutdowns and loss of in-school instruction and the consequential ripple effects those directives have as they relate to an entire generation of children, their financial future, and the overall impact to our U.S. economy.    

According to McKinsey & Co., “the fallout from the pandemic threatens to depress this generation’s prospects and constrict their opportunities far into adulthood. The ripple effects may undermine their chances of attending college and ultimately finding a fulfilling job that enables them to support a family.”

Their analysis concludes that today’s students may earn up to $61,000 less over their lifetime owing to the impact of the pandemic on their schooling. Furthermore, the U.S. economy could realize an annual GDP loss of up to $188 billion as these students eventually enter the workforce.

Alarming study results suggest that more first and second graders ended this year two or more grade levels below expectations than in any previous year. Additionally, initial 2021 testing results indicate that our national student population was about ten points behind in math and nine points behind in reading, compared with matched students in previous years.

The clear loss of academic progress comes on top of concerns by parents for their children’s mental, social and emotional health as up to 80% of parents expressed resounding alarms regarding their children’s well-being. Unfortunately, this is an early analysis reviewing the impact of shutting down in-school instruction. Future studies may reveal far greater negative consequences for this generation and our economy as a whole.

It is imperative state and local leaders recognize the resulting damage done to our children’s future during this pandemic. As stated in the report, “left unchecked, unfinished learning could have severe consequences for students’ opportunities and prospects. In the long term, it could exact a heavy toll on the economy.”

Our state and local leaders are obligated to address these disparities and do whatever it takes to improve the future opportunities for this generation of children.