The impact of the General Educational Development certificate (GED) on the earnings of high school dropouts who seek the credential were estimated. The estimates were derived by using several different types of estimation methods to analyze data linking Florida GED test information with quarterly earnings records collected by Florida's Unemployment Insurance system. The study data set included basic demographics, quarterly earnings, and GED test scores of 81,170 individuals. Key findings were as follows: (1) acquiring a GED leads to greater quarterly earnings growth; (2) earning a GED increases the probability of having non-zero earnings; (3) higher scores on GED tests lead to higher earnings; (4) the economic return on the GED is approximately the same for whites and minority group members earning the credential outside prison, but it is relatively large for whites and much smaller for minority group members earning the credential while incarcerated. The following were among the study's implications: (1) substantial GED-related earnings differences occur over time rather than immediately; (2) the relatively large numbers of young black high school dropouts who obtain GEDs in prison appears to explain the GED's lesser economic impact for minority group members; and (3) acquiring a GED only partially tempers the harsh economic realities for high school dropouts. (MN)