First,
let me begin by saying I’m not dead. I’ve been sick and over-worked for the
last week. However, the snow day gave me 14 hours sleep and some relaxation so
I feel much better.
Earlier
in the week I saw an article by Hope Yen for the Associated
Press on the earning a between young adults with and without college
degrees, which is the widest it has been in 48 years, and I’d argue that we’re
creating a permanent underclass.
Yen argues that
this shows the raising value of a college degree despite rising tuition costs,
however, I’m not ready to say that instead I’m arguing college degrees are
devalued, but not nearly as much as a high school degree. Yen arrived at this
conclusion based on census data. The findings state that young adults with only
a high school diploma earned 62 percent of the typical salary of college
graduates, which is down from 81 percent in 1965 (the earliest year this was
calculated).
Additionally, Pew
shows increasing economic difficulties for young people without bachelor degree
are more likely to live in poverty and be dissatisfied with their jobs. This is
seen in a stratification of high and low wage work. According to Paul Taylor, Pew’s
executive vice president and co-author of the report, “In today’s
knowledge-based economy, the only thing more expensive than getting a college
education is not getting one. Young adults see significant economic gains from
getting a college degree regardless of the level of student debt they have
taken on.”
With the rising
costs of tuition resulting in college graduates having large debt and few
employment opportunities. Affordable higher education would result in upward
mobility for young people, of course there would have to be jobs available. A
college degree now yields more earnings (adjusted for inflation), while a
high-school diploma is worth less than ever before. The article used an example
of college graduates ages 25 to 32 working full time earned $17,500 more
annually than employed young adults with a high school diploma, $5,500 and
$28,000, respectively. The median earning for high-school graduates fell more
than $3,000 from $31,384 to $28,000 between 1965 to 2013.
Now, 22 percent of
high-school graduates live in poverty compared to 7 percent in 1979. Taylor
continued to say, “Despite their higher levels of college completion, today’s
young adults overall are doing no better—and on many key indicators of economic
well-being, they’re doing worse—than older generations were doing when they
were the same age that Millennials are now. This is mainly because the economic
penalties for not for not getting a college degree are so much stiffer now than
in the past.”
The report also
showed the young employed college graduates are more likely to say their job is
a job is a career or a stepping stone then their peers with a high0school
diploma. Those with high-school diplomas are three times more likely to consider
their work as just a job to get by than college graduates.