This policy paper estimates the short-run economic effects of the Great Start Readiness Program (GSRP), Michigan's state-funded preschool program for 4-year-olds. The paper considers 15-year effects on state residents' per capita incomes due to impacts on employment rates and real wages, as well as cost-savings from free preschool and fiscal benefits due to tax base expansion. These 15-year effects ignore the program's outcomes for child participants and focus on how the Michigan economy is affected by GSRP's direct impacts on parents and preschool teachers. The estimates use a regional econometric model of a state's economy, developed originally to evaluate economic development programs. Based on simulations of this model, GSRP has short-run economic effects that are 1.72 times program costs. Most of these benefits are due to increases in state residents' earnings, due to higher employment rates and wages. However, fiscal benefits for state and local governments offset 17 percent of GSRP's program costs. Most short-run economic effects for Michigan residents are attributable to GSRP making it easier for parents to work more hours.