Dual enrollment (DE) is a popular reform in the United States that allows high school students to take college courses through partnerships between school districts and institutions of higher education. DE programs have been scaling rapidly, but participation is stratified by race and class, and research reveals little about the quality and content of DE courses. These limitations stem, in part, from a lack of theorizing around what purpose DE reform can and should serve, both in the lives of youth and for communities writ large. Situated in literature on the purpose of education in capitalist democracies, this study employs qualitative content analysis to examine the rationales for DE coursework, as depicted in state-level policy documents. Findings indicate that DE policy rationales are depicted almost entirely in neoliberal economic terms. We argue that, while economic benefits are important, the almost exclusive emphasis on economic outcomes has led to rapid scaling of a curricular reform with insufficient attention to teaching, learning, and equity. To maximize the potential benefits of DE reform, we call for imagining its democratic possibilities.