What is the American Dream? • Equal opportunity not based on • Where you were born • Where you went to school • Who your parents are • What your race or religion is • Access to capital based on ability
What is the American Dream? “The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.” - James Truslow Adams The Epic of America (1931)
“The American Dream is about freedom and the fruits of freedom. “It’s about opportunity, not just for those lucky enough to be born gripping that silver spoon, but opportunity for all. It’s the chance to start with nothing but an idea, and with hard work, to see it happen.” - Jimmy Stewart
Center for the American Dream Education Bioscience and Medical Research Entrepreneurism Financial Markets & Access to Capital
The 21 st century is being defined by a worldwide competition for human capital.
Human capital is the largest asset class.
Between 1870 and 1950, Americans added almost ONE YEAR OF EDUCATION EACH DECADE. By 1960, the highest average grade level in the U.S. EXCEEDED EVERY OTHER NATION BY TWO YEARS. Since 1960, we have made no progress and several OTHER NATIONS HAVE SURPASSED THE U.S. Source: Claudia Goldin and Lawrence Katz / The Race between Education and Technology
“If an unfriendly foreign power had attempted to impose on America the mediocre educational performance that exists today, we might have viewed it as an act of war.” - 1983
Return on Human Capital Investment Preschool Programs Return School Job Training Age Source: James Heckman, University of Chicago
“ By age 5, it is possible to predict with depressing accuracy who will complete high school and who won’t. ” James Heckman Nobel Prize in Economics Source: New York Times – July 29, 2008
“Science has been a driving force in our health and prosperity. And the best place to develop the love of science is in elementary schools.” David Baltimore Nobel Prize, Medicine President, CalTech (1997-2006)
Spending on Early-Childhood and Post-Secondary Education Early Childhood Post-Secondary Education Education U.S. $3,900 $14,200 China $6,000 - $10,000 $1,200 - $1,500 Source: Knowledge Universe Education
How 15-Year-Olds Score in School Math Science Singapore 564 Singapore 493 Japan 532 Japan 538 Canada 527 Canada 528 Korea 517 Korea 516 Russia 494 United Kingdom 509 United Kingdom 492 United States 496 OECD Average 490 OECD Average 493 United States 470 Russia 487 Israel 470 UAE 437 UAE 427 Israel 467 Qatar 402 Qatar 418 Jordan 380 Jordan 409 Tunisia 367 Tunisia 386 Source: OECD Programme for International Student Assessment 2015
Students Testing at “Advanced” Level 4 th -Grade Science Math 50% 37% 16% 14% Singapore ( # 1) U.S. ( # 9) Singapore ( # 1) U.S. ( # 11) Source: “Trends in International Mathematics and Science Study, 2015,” U.S. Dept. of Education
Students Testing at “Advanced” Level 8 th -Grade Science Math 55% 42% 12% 10% Singapore ( # 1) U.S. ( # 12) Singapore ( # 1) U.S. ( # 11) Source: “Trends in International Mathematics and Science Study, 2015,” U.S. Dept. of Education
Beverly Hills High School Canada 46 th percentile in math 87.7 % rank “proficient” or above in math. students Singapore 34 th percentile in math Sources: City-Data.com / Global Report Card (Jay Greene and Josh McGee)
Consumer Spending U.S. Asia 33% Housing 23% Food 17% Transportation 15% Supplemental Education 13% Food 10% Housing 11% Insurance/pensions 8% Clothing 6% Healthcare 8% Other 5% Entertainment 6% Transportation 3% Apparel and services 5% Healthcare 5% Communication 2% Supplemental Education Source: U.S. Bureau of Labor Statistics/CLSA
Skilled and Unskilled Jobs in the U.S. 1950 Today 65% 60% 20% 20% 20% 15% Unskilled Semi-skilled Skilled Unskilled Semi-skilled Skilled
Likelihood U.S. Jobs Will Be Automated Probability of Automation by Hourly Wage 83% 31% 4% > $40/hour < $20/hour $20 - $40/hour Source: U.S. Bureau of Labor Statistics; Frey and Osborne (2013); CEA calculations
U.S. Jobs with Highly Automatable Skills By Education Level 44% 19% 8% 6% 1% 0% No HS HS Degree Trade School AA Bachelor’s Graduate degree Degree Degree Degree Source: Arntz, Gregory, and Zierahn (2016) calculations based on the PIAAC 2012.
Top Job-Loss Subsectors in 2017 United States, Year-over-Year, Thousands Department stores -41 Motion picture and sound recording -29 Telecommunications -28 Food and beverage stores -26 Clothing stores -25 Retail industry accounts for four Sporting goods, hobby, book stores -13 of the 10 Publishing industries, ex-Internet -13 subsectors with Nursing care facilities -12 the largest job losses. Apparel manufacturing -11 Electronic stores -11 Source: U.S. Bureau of Labor Statistics; Bloomberg Businessweek November 29 2017
“The young do not know enough to be prudent, and therefore they attempt the impossible – and achieve it, generation after generation.” - Pearl S. Buck First Woman to win the Nobel Prize in Literature
‘Praise youth and it will prosper’ Albert Einstein was 26 when he published the Special Theory of Relativity. Jonas Salk was 30 when the March of Dimes funded his polio research.
‘Praise youth and it will prosper’ James Watson was 25 when he co- published his breakthrough scientific paper on DNA. Isaac Newton was 23 when he began inventing calculus.
‘Praise youth and it will prosper’ Marie Curie began investigating radioactivity at age 30 and earned two Nobel Prizes by age 45. Galileo published his first piece at age 22, and began experimenting with falling objects in his late 20s.
ROI of Young Investigators Percentage of Epilepsy MFF Grant Researchers Still Active 100% 75% 7% Late-Stage Mid-Level Young Investigator Career Awards Career Awards Awards Source: Philanthropy Advisory Service, Milken Institute
Average Age of First NIH Grant Sources: J Couzin-Frankel Science 2014; 344-28-29; AAAS (American Association for the Advancement of Science)
More Than 225 Young Investigators
Impact of PCF Young Investigators PCF YIs are currently studying 22 candidate molecules for next generation medicines … compared to 4 under study in 1993. 40% of PCF’s YIs are engaged in research affecting clinical care. 14 YIs now run their own laboratories, each employing an average 4-5 additional young scientists.
Impact of PCF Young Investigators 10 FDA-approved treatments for prostate cancer since 2010. Provenge: stimulates tumor immunity Xgeva: improves quality of life by reducing side effects Jevtana: chemotherapy that kills prostate cancer cells Zytiga: reduces testosterone, resulting in longer life Xtandi: blocks testosterone’s cancer targets and prolongs life Xofigo: results in less medication to control bone pain Erleada: treatment for those who fail testosterone reduction Zytiga + Prednisone: delays cancer progression by 18 months Pembrolizumab: precision immunotherapy for solid tumors Xtandi: secondary approval for non-metastatic CRPC
University-Community Outreach Program ( (UCOP) Program at Berkeley, Columbia, USC and Wharton designed to create productive partnerships within their communities. Mentoring Scholarships Young Entrepreneurs Tutoring Community workshops Assistance to local businesses
• Multiple career paths • Ongoing applied professional growth • Instructionally focused accountability • Performance-based compensation
456 Scholars since 1989 114 born outside the U.S. 41 countries of origin 352 Scholars have parents born outside U.S. 114 colleges attended 108 are married 100 children of Milken Scholars
96 Harvard 13 Claremont Colleges 55 Stanford 11 Brown 47 Yale 11 USC 36 Berkeley 7 Fordham 32 Penn 7 Dartmouth 25 Columbia 7 Johns Hopkins 20 MIT 5 Georgetown 20 Princeton 5 Vassar 18 UCLA 5 Wesleyan 14 NYU 5 Williams June 2018
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