We’ve all heard of a win-win. But right now, we need more than that, we need a win-win-WIN.
An innovation economy requires a sustainable system of LIFELONG learning. A high school diploma, or even a college degree, won’t be enough – this economy requires ongoing learning. LiLAs offer a new way to pay for education and training - one that encourages a partnership between the government, employers and individual workers. LiLAs would leverage public funds through tax breaks on LiLA account contributions. But beyond that, they encourage investment by both employer and employee in education and training. By sharing the cost, LiLAs make education affordable and sustainable.
With LiLAs, no one group is burdened and everyone benefits.
Ideally, LiLAs would become a standard offering in employee compensation packages. Making LiLAs more widely available would help to put education and training within reach of every American worker. CAEL is working with leaders at the federal, state and local levels to bring LiLAs to scale. These leaders understand the importance of having a skilled workforce, but also recognize that affordability is a major barrier to education and re-training for working adults. LiLAs are a promising market-based strategy to address the growing need for skilled workers and create a new way to leverage investment.
With LiLAs, we CAN afford the education and training we need to compete.