But the data also show something else:
Wealthier parents have been stepping up education spending so aggressively that they're widening the nation's wealth gap. When the Great Recession struck in late 2007 and squeezed most family budgets, the top 10 percent of earners with incomes averaging $253,146 went in a different direction: They doubled down on their kids' futures.
Their average education spending per child jumped 35 percent to $5,210 a year during the recession compared with the two preceding years and they sustained that faster pace through the recovery. For the remaining 90 percent of households, such spending averaged around a flat $1,000, according to research by Emory University sociologist Sabino Kornrich.
"People at the top just have so much income now that they're easily able to spend more on their kids," Kornrich said.
Between 2007 and 2011, enrollment at private elementary and secondary schools whose annual tuition averaged $28,340 jumped 36 percent, according to federal data. The intensified reach for the costliest schools occurred even as enrollment in private schools overall fell.
Most families can't compete. Incomes have barely budged for most Americans since 1980 after accounting for inflation. For the top 10 percent, IRS data show pay has jumped 80 percent after inflation. For the top 1 percent, it's soared 177 percent
On top of that, there are the tutors. An average SAT tutor advertised through WyzAnt charges $51.20 an hour, double the average U.S. wage.
Thomas Piketty, the French economist whose exploration of tax data helped expose the wealth gap, has argued that education "is the most powerful equalizing force in the long run."
Affluent parents tend to get what they pay for: Their children score 125 points higher on SATs than those from the poorest homes, up from a gap of 90 points during the 1980s, according to research by Reardon, the Stanford professor.
"The worry is that it becomes a feedback loop, where the children of the rich do the best in school, and those who do best in school become rich," Reardon said.
Some middle-income parents have come to feel that personal sacrifices are an acceptable price for giving their child a potential edge.
Tysha Wheeler-Timmons of Rahway, New Jersey, a contract coordinator for a pharmaceutical company who is married to a truck driver, earns modest pay. But she took a part-time security job to pay for $3,000 in tutoring for her daughter, Shayla, a high school senior aiming for an Ivy League bioengineering degree.
Full article at the link: http://finance.yahoo.com/news/school-spending-affluent-widening-wealth-164018926.html
Selected comments (I got a bit carried away with these this time):
When I call parents of problem kids about getting their kids to get their work done or to come to FREE after-school tutorials to get caught up or for help. I GET NO SUPPORT OR HELP. NADA. ZIP. NOOOOOTHIIIING. At best, I get some lip service but the next day, week, month, nothing changes. No matter how much I call. IT IS NOT ECONOMICS OR UNDER-FUNDED SCHOOLS. My grandparents, parents, and I learned far more than these kids at schools with half the resources BECAUSE OUR PARENTS VALUED DISCIPLINE AND EDUCATION.
We have a sick society, sick values, with parents who no longer buy into this nation's traditional values re work and education. I DO NOT SEE ANY FIX ON THE HORIZON.
Perhaps if a public school education was what it used to be, then all kids would be prepared for higher education. We waste 100's of millions on schooling illegal aliens and protecting bad teachers with tenure. The rich have always been able to send their kids to the best schools, everyone else would too if they had the means. Part of the problem is that many parents expect the schools to raise their kids, and they aren't involved with their what their child is doing there.
I went to an excellent private high school and studied hard to achieve the best grades possible, mostly A's. I thought intelligence and good grades were a gateway to success. At my 30 year reunion, I met a lot of classmates that were more successful than me. These classmates didn't achieve better grades, but in the long run, they were successful. The common denominator was none of our families were wealthy. Building wealth doesn't always build intelligence, nor does it build success. There are also a lot of wealthy failures out there. If you're not wealthy, just try to put yourself in the best possible light, have a conscience and focus. We all gauge success differently.
Make no mistake about it, the spending has nothing to do with them trying to "widen the wealth gap", it has everything to do with the abject failure we call the public school system which has been ruined by teachers' unions, heavy handedness from the federal government, core curriculum, and that stupid "Let's Move" campaign that is basically starving our children while they're at school.
If the middle class and poor had the money they would be doing the same thing. This is why we need to have school vouchers for those who want to send their kids to private schools. This would give the poor and the middle class a more even playing field.
This is as bad an article as I have read in a long time, preschool has zero to do with wealth..... zero........ taxes and regulations squeeze the middle class so much that they live pay check to pay check and can't save and invest, so that leaves only a very small percent of people the ability to grow wealth, also successful people have great contacts and can get their children a leg up when they look for work... If progressive policies worked the former Soviet Union would be the economic power and have a huge immigration problem, so as we move politically left expect the gap between rich and poor to continue to grow, of course we have been for a decade that's why its happening now
We live in one of the top school districts in the state, yet my toddler is in private pre-school. He won't go to public school, either.
Fifty years ago, living in a good school district was enough. I got a great education living where I did, but that no longer matters. Even good districts dumb down huge swaths of curricula. I want my son and future son or daughter (too soon to know the sex yet) to have the same opportunities I did. Unfortunately, that means private schooling.
I hate these articles. Is yahoo trying to rub it in that we are all uneducated trash if we aren't on the Forbs list? Of course rich people are going to have better educated kids. What is the surprise. Does the poll also show that rich people are also prone to make good looking offspring. Rich men who get a trophy wife are more likely to have good looking kids. Same goes for athletic parents. Sure there are always exceptions,but generally money can buy everything. Including buying your way into a better gene pool.
Hire me as an SAT tutor if old. Seriously. That's a lot of dough.