Saturday, January 24, 2015

Stay in school, education and income are related

Stay in school not only for your own personal growth, but also there is a contributory correlation between education and income. That's not breaking news, it is a old sustainable fact.  Additional income, employment and education information and graphs are available through Google, or other internet search engines: "education and income".  

SOC/John Will, Ph.D., Sociology blog, "Education pays: income by education level (2012 data update.)".

Graduate 4-year college vs. some college
"Education seems like it’s the answer to everything in the United States. When it comes to social problems or individual opportunity, we place an enormous amount of faith in education to cure what ails us. Given all the time and money we invest, especially as students, we hope that the payoff will be worth it.

The good news for students hoping that more education leads to higher incomes is that recent data from the U.S. Census Bureau demonstrates a strong positive correlation: as educational level goes up, median income also rises."  Read more.

Related articleBloomberg Business Week/Business Schools/Natalie Kitroeff, 9/4/14. "College is more valuable than ever, and that's driving income inequality." "The cost of college is deepening the divide between the richest and poorest segments of the country. Those who can afford a degree should pursue one, though, because they’ll be far better off than those who don’t, a new central bank report shows.

College graduates earn consistently more than people who don’t go back to the classroom after high school, the Federal Reserve Bank of New York said in a report this week. “The return to a college degree has held steady for more than a decade at around 15 percent, easily surpassing the threshold for a sound investment,” wrote New York Fed researchers Jaison R. Abel and Richard Deitz, who weighed the price of college and lost earnings from four years of school against the paycheck a degree yields.

Reference - US Census Bureau 2012/College Board (Sandy Baum, Jennifer Ma, Kathleen Payea), "Education Pays 2013", "Trends in higher education series: the benefits of higher education for individuals and society." pdf pages 48.  Technical, detailed data  -  US Census/education/earnings (2000).

Note graphs: 4-year graduates vs some college graph from New York Times analysis of Economic Policy Institute data from the SOC/John Witt, Ph.D. Sociology blog. Simplified 2010 census data graph from Tax foundation/Richard Morrison, 10/30/12.   

Posted by Kathy Meeh

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