Fed's Lacker says U.S. lack of qualified workers could hurt growth

As a result, the United States could face lower potential growth in the future and it could lead to a less dynamic economy, Lacker said. He called for across-the-board efforts to address the problem - from better early childhood education to development of better trade or technical alternatives for those not bound for college.

Lacker, in prepared remarks for delivery to a business group, said the extra wages earned by a college graduate have doubled since 1980, and "the inescapable conclusion is that we are failing to keep pace with our economy's growing demand for skilled workers."

He did not comment on monetary policy in his prepared remarks.

Lacker's comments echoed those of Fed Chair Janet Yellen late last year when she spoke about the possible loss of economic mobility in the United States. Fed officials are often careful about delving into social issues, but they also consider the rise in income inequality and the possible split of the U.S. workforce between high- and low-wage jobs a potential risk to future growth.

"Growth occurs not only because we have more people working or more machines...but also because technological advances make existing workers more productive," Lacker said. Without efforts to improve education and labor force skills, "the rich are likely to remain rich and the poor are likely to remain poor."

Lacker said he felt efforts needed to begin with better early childhood programs so that students don't fall behind - and face a potentially difficult catchup.

But he said the focus should not only be on college preparation. Noting that South Carolina had within a generation seen its textile industry decamp and high-end auto and airplane factories arrive, he said more attention should be given to programs that might help workers prepare for jobs in those increasingly sophisticated factories.

(Reporting by Howard Schneider; Editing by Leslie Adler)