Education pays on BLS website.

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In summary, the conversation revolves around the statement "Education pays" on the Bureau of Labor Statistics website. The conversation discusses data from 2010 showing that the median income for individuals 25 and older with a Bachelor's degree is $66K per year. However, some individuals find this figure odd and question what may skew the data. The conversation also mentions that this figure is actually closer to $54K per year and raises questions about average loan payments, tax payments, and lost value of social benefits. Finally, the conversation ends with a mention of previous discussions on this topic in the forums.
  • #1
KingNothing
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"Education pays" on BLS website.

The Bureau of Labor Statistics has this page on their website: http://www.bls.gov/emp/ep_chart_001.htm.
http://www.bls.gov/emp/ep_chart_001.JPG
Source: Bureau of Labor Statistics, Current Population Survey, 2010.


This just seems very odd to me. This says the median for a 25-year-old with a Bachelor's degree is/was over $66K per year. I realize this is two years old, but it seems just as odd for 2010.

Any thoughts on what might skew the data?
 
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  • #2


Why does that seem odd? Also, where are you getting the $66k figure?
 
  • #3


First, it does NOT say that it is for 25 year olds. It says it is for people 25 and older.

Second, 1038 x 52 is about 54k, not 66k.
 
  • #4


Pengwuino said:
where are you getting the $66k figure?

Jack21222 said:
Second, 1038 x 52 is about 54k, not 66k.

Whoops, sorry, I accidentally used the figure from the Master's degree row.
 
  • #5


Any figures for average loan payments, tax payments and lost value of social benefits? I'm sure education does pay but perhaps less so then the above graph suggests.
 
  • #6


I didn't understand what you found odd. Do you agree now that it is $54K instead of $66K? Did you find the $66K figure too high or too low?
 
  • #7


I believe we have had these discussions before?. Try searching the forums.
 

1. What is the relationship between education and earnings?

The more education an individual has, the higher their earnings tend to be. The Bureau of Labor Statistics (BLS) has consistently found a positive correlation between education level and median weekly earnings.

2. How does education affect unemployment rates?

The higher an individual's education level, the lower their unemployment rate tends to be. According to the BLS, individuals with a bachelor's degree or higher have significantly lower unemployment rates compared to those with less education.

3. How does the type of degree or major impact earning potential?

The type of degree or major can greatly impact an individual's earning potential. The BLS has found that individuals with degrees in STEM fields (science, technology, engineering, and math) tend to have higher earnings compared to those with degrees in non-STEM fields.

4. Is there a difference in earnings between men and women with the same level of education?

Yes, there is a difference in earnings between men and women with the same level of education. According to the BLS, women with a bachelor's degree or higher earn less than their male counterparts with the same level of education. However, the gap has been decreasing over the years.

5. How has the earnings gap between education levels changed over time?

The earnings gap between education levels has been widening over time. According to the BLS, the median weekly earnings for individuals with a bachelor's degree or higher has increased at a faster rate compared to those with less education. This suggests that having a higher level of education is becoming increasingly important in terms of earning potential.

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