House Committee on Education and Labor
U.S. House of Representatives
Republicans
Rep. Howard P. “Buck” McKeon
Ranking Member
Fiscally responsible reforms for students, workers and retirees.
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Blog
Education (Still) Pays
The New York Times published an economic 'view' today that examined the oft-discussed "wealth-gap." While much of this ground has been covered before, the piece ends with an interesting analysis about the role of education in driving upward economic mobility.
Because growth in the supply of skilled workers has slowed, their wages have grown relative to those of the unskilled . . . In 1980, each year of college raised a person’s wage by 7.6 percent. In 2005, each year of college yielded an additional 12.9 percent. The rate of return from each year of graduate school has risen even more — from 7.3 to 14.2 percent.
WHILE education is the key to understanding broad inequality trends, it is less obvious whether it can explain the incomes of the superrich. . .A top education is no guarantee of great riches, but it often helps.
Maybe educational levels are like Willie Wonka’s chocolate bars. A few of them come with golden tickets that give you opportunities almost beyond imagination. But even if you aren’t lucky enough to get a golden ticket, you can still enjoy the chocolate, which by itself is well worth the price.
As Congress prepares to mark the 25th anniversary of the landmark report, "A Nation at Risk," which warned that American students' declining performance as compared to their international peers posed a long-term national security threat, it seems to be a good time to note the value of education to individuals and society.
| Posted by Press Staff (04-22-2008, 06:47 PM) filed under Education |
Comments
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Comment by: Chad B. July 29, 2008 10:40 AM This is a huge issue in my school district. I have been using the website http://www.schoolloans.com/ as a reference point to show my high school seniors more about finding the money necessary for college, but even as a teacher and adviser, I still feel very discouraged about the situation. Impressing the "economic mobility" appeal of having higher education is often sometimes hard to incite an emotional response when I also am forced to present data on the fact that student loan debts will more than likely take five to ten or even up to twenty years to repay. |
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