With the rising cost of college tuition and student debt in the United States, many have questioned whether or not a college degree is a worthwhile investment. Today, college graduates struggle to find work and, as a result, accept positions that they are underpaid and overqualified for. However, new data analyzing Labor Department Statistics done by the Economic Policy Institute in Washington affirms the undeniable benefits of a four year college degree.
According to this new data, the pay gap between four year college graduates and non-college graduates is at an all time high. Americans with a four year degree earn 98% more per hour on average than those without a degree-- a statistic that has risen every decade since the 1980’s.
What may be even more compelling is the consistent need for college graduates in the American Economy. Even though the number of college graduates has risen the past few years, so too has the need for these graduates in the workforce. This tells us that the United States is still not producing enough four year graduates. According to M.I.T. economist David Autor, the United States not only has, “too few college graduates,” but also has, “too few people who are prepared for college.” Because so many people are underprepared for college, many are dropping out and not finishing their four year degree. While the need for four year college graduates has increased over the years, the need for people with only some college has not.
Though a four year college degree is not a guarantee to success, it certainly has its benefits. If we want to give the next generation of Americans the best chance at success in the international economy, we ought to encourage them to graduate from a four year institution.
Source: New York Times
