The losses in lifetime earnings are of course only part of the issue: “Empirical evidence has linked school closures to several factors, including rising mental health concerns, lower levels of engagement, reports of violence against children, rising obesity, increases in teenage pregnancy, rising levels of chronic absenteeism and dropouts, and overall deficits in the development of socioemotional skills due to social isolation from networks and peers.”
These effects tend to be larger for student who are from economically disadvantaged families, and those who are already falling behind academically. Schools tend to be a “great equalizer,” making up to some extent for the unequal distribution of other educational resources across families. Those children who depended most on public schools also lost the most when the schools shut down.