In this two-page summary document, Professor Heckman argues that the best way to reduce deficits is to invest in quality early childhood development for disadvantaged children. It creates better education, health, social and economic outcomes that increase revenue and reduce the need for costly social spending.

“The highest rate of return in early childhood development comes from investing as early as possible, from birth through age five, in disadvantaged families. Starting at age three or four is too little too late, as it fails to recognize that skills beget skills in a complementary and dynamic way. Efforts should focus on the first years for the greatest efficiency and effectiveness. The best investment is in quality early childhood development from birth to five for disadvantaged children and their families.”—James J. Heckman, December 7, 2012