It recently came to my attention in an article in the Wall Street Journal that workers with professional degrees, like lawyers, or doctors, were the only group to see their inflation-adjusted earnings increase over the recent economic conditions. Workers in every other educational group, such as Ph.D.s or high school dropouts, earned less in 2007 than they did in the year 2000. So a person with a bachelors degree's wages actually fell. And even more compelling to note, is the fact that it is proving how there is now an even bigger economic gap.
(Source: Census Bureau. Data don't include 2008 earnings.)
In my work for the Joe DiMaggio Committee, one of the charities that I am involved with, education is the primary concern, because we raise money to provide a good education for children of financially challenged families. The Committee's premiere fund raising event is The Joe DiMaggio Award Gala, to benefit Xaverian High School, my alma mater.
Economists are citing multiple reasons for falling wages for people with a bachelor's degree including:
(Source: Census Bureau. Data don't include 2008 earnings.)
In my work for the Joe DiMaggio Committee, one of the charities that I am involved with, education is the primary concern, because we raise money to provide a good education for children of financially challenged families. The Committee's premiere fund raising event is The Joe DiMaggio Award Gala, to benefit Xaverian High School, my alma mater.
Economists are citing multiple reasons for falling wages for people with a bachelor's degree including:
- Blue and white-collar jobs are being sent abroad to places like India.
- Immigrants competing for jobs in the U.S. has increased.
- Job growth during the 2001 to 2007 expansion was weak compared to the late 1990s.
- Rising health-care costs are big part of total compensation today; more than in the past.
- The Census data measure income, which doesn't include the health-care bills paid for by employers
- Inflation-adjusted median salary for people with professional degrees was $89,602 in 2007, up about 3 percent from 2000, when the median salary was $87,158, according to the Census. There were income declines in all other groups including those with college and doctorate degrees.
- Inflation-adjusted median salary for a person with a bachelor's degree fell about 3 percent, adjusted for inflation, to $47,240 last year from 2000. Median master's-degree salaries fell
Census data shows the value of and education. In 2007 the median income for people with a bachelor's degree was about two-thirds more than for those with only a high-school diploma. And people with a master's degree made 20 percent more than those folks who only had a college degree.
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