The Return on Investment for Improving California's High School Graduation Rate

For each of several educational interventions that aim to increase the high school graduation rate in California, we calculate the costs to the taxpayer of each additional graduate and compare those costs to the economic benefits of an additional graduate. Under most scenarios, the benefits greatly exceed the costs, but the conclusion is sensitive to the source of funding, as the federal government gains significantly more than state and local governments, even though the latter are primarily responsible for funding the interventions.