Support for teachers improves, with teacher starting salaries increasing to around $60,000 and end-of-career salaries increasing to about $110,000. To help pay for the additional salary costs, new teachers receive a 401(k) match rather than a pension. Teacher salary increases cost approximately $90 million per year after accounting for the change from a pension to a 401(k) match. These increased salaries make teaching more competitive with other career options for someone with a bachelor's degree. More of the best and brightest young people are attracted into the teaching profession, and fewer leave the profession. The teacher shortage is eliminated, and the larger pool of potential teachers improves the ability to ensure an effective and qualified teacher in each classroom. Collaboration among K-12 education, higher education, technical college, and business is good, ensuring we effectively meet workforce and educational needs.
As a result, educational outcomes improve significantly. The percent of those obtaining post-secondary degrees and certificates increases. The increase in degrees helps attract more jobs in the life science, professional services, and information technology industries, which pay higher wages. These higher wages benefit the entire economy, even for those who do not work in those industries, as the additional money ripples through the economy. Tax revenue per capita increases.
