Thanks Sam for posting this. I’ve tried pointing this out repeatedly, and find myself set upon by the “this graph shows people with degrees make more” crowd. I steered one of my youngsters toward a trade, and he not only has full-time work, the shortage is such that he’s gotten 2 job offers from competitors since Feb (one offered $6500 sign-on bonus, the other offered $100 just to come to an interview). His salary has gone up about 35% for his second year, and I suspect will easily pass the 6-figure mark before he’s 30 (he’s 24 now). He and his sweetheart are trying to decide where to settle and start their family, while his old friends are still delivering pizza to pay their college loans. My rough WAG is about half his HS graduating class still lives with their parents (he’s been independent since turning 21, and is debt free).
This can’t be stressed enough either. Thru kids/acquaintances I have now met my third Psychology grad with over 100K in college debt, who’s earning less than 30K per year.
I have also watched one of my youngsters regretfully abandon a relationship, because their potential SO was too financially toxic to marry. My kid finally had to break it off because any life started with this individual would mean a decade or more of paying off debt before kids, house, or any sort of future could be contemplated.
For really interesting reading on this subject, try the Last Psychiatrist’s Hipsters on Food Stamps article. One of the most interesting things I’ve read in a while.
This paragraph, on the humanities graduate says it all:
It’s hard to accept that the University of Chicago grad described in the article isn’t employable, that the economy doesn’t need him, but it is absolutely true, but my point here is that not only is he not contributing, the economy doesn’t need him to contribute. Which is good, because there’s nothing he can do for it. 1. Anything requiring science is out. 2. “He can work manual labor!” I love how people assume economics doesn’t apply to construction. The demand for those jobs is very high AND hipsters suck at them. At any wage, Gerry the hipster will always be outworked by Vinnie the son of a longshoreman…