James Pethokoukis:

A brief reminder: Back in the summer of 2020, I tried to hammer home the point that preventing kids from going to school full-time and in-person during the coming school year would be a terrible idea with serious consequences for the kids and the country. School is more than just a place where younger students stay while their parents work, or a way for older students to get a certificate that helps them find better jobs. Deep economic research has shown that education really matters in helping kids grow into productive adults, including as workers in a complex, globalized economy. Those findings are seen to be as true today as when they were first identified in the 1950s. Indeed, a 2018 World Bank analysis shows the benefits increasing since 2000.

We now have a pretty good, albeit unsurprising, idea of the impact of the move to online learning and hybrid schedules. Here are some key takeaways from the Richmond Fed review: