Friday, October 20, 2006

How to beat inflation

Originally uploaded by The_skepticle.
David Wessel of the Wall Street Journal has bad news; his article is titled Why It Might Take A Doctorate to Beat Inflation:
The typical American worker with a four-year college degree earns a lot more money than a similar worker who didn't go beyond high school -- 45% more.

Education does pay. But in today's economy, getting a bachelor's degree is no longer a guarantee of raises big enough to beat inflation.

Although the best-paid college grads are doing well, wages of college grads have fallen on average, after adjusting for inflation, in the past five years. The only group that enjoyed rising wages between 2000 (just before the onset of the last recession) and 2005 (the most-recent data available) were the small slice with graduate degrees.
I knew there was a reason I kept going to school... perhaps it will all pay off...

And, I'm no longer sure the slice with graduate degrees is small... seems like I know a slew of people who are working on masters or doctorates... and not just my classmates...

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