Re:More Americans are considering retirement
by paulpauper on Saturday October 16, 2021 @10:11PM
(#28893384)
the college wage premimum holds even after accounting for student loan debt
Re:More Americans are considering retirement
by jerry1979 on Saturday October 16, 2021 @11:57PM
(#28893826)
The research I found from the FRED Blog tells me that "the college premium may or may not be very strong depending on birth year, family, and other inherited characteristics. When looking at the wealth premium instead of just the income premium, the college premium was weak for all races and ethnicities in the 1980s cohorts, whereas the college premium exists for cohorts in earlier decades." [0]
When we put that in the context of the conversation, it does indeed seem like non-college earnings are lower, and the advantage of going to college has lessened.
[0] Premium: https://fredblog.stlouisfed.org/2018/07/is-college-still-wor...
Re:More Americans are considering retirement
by itronitron on Saturday October 16, 2021 @11:04PM
(#28893587)
True, but that doesn't account for higher risk and cost associated with finding or switching jobs as one's education and specialization increases. Higher wages but fewer opportunities.
In terms of the larger economic environment, the boomers were generally born and raised during the Golden Age of Capitalism [1], but they likely entered the workforce around the time of the early '70s recession. However, the '80s and '90s appear to have been good times to have a job, but as each year went by, it became less and less good to have non-college jobs as the stats above show us. For millenials, the non-college jobs have been objectively worse in terms of pay, and the job opportunities that did exist were hampered by the .com bust (more a Gen Xer hindrance), the '08 bust, and of course, the covid shit show.
[0] Wages: https://sgp.fas.org/crs/misc/R45090.pdf [1] Golden Age: https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_econ...