Here's data from 2006 which makes it starkly clear that education pays off both in terms of higher income and lower unemployment. The average unemployment rate in 2006 was around 4.8%. The following is a list of 2006 unemployment rates for people of various levels of education. The dollar figure is their median weekly earnings for that year:
- Professional degree (1.1%) $1,474
- Doctoral degree (1.4%) $1,441
- Master's degree (1.7%) $1,140
- Bachelor's degree (2.3%) $962
- Associate degree (3.0%) $721
- Some college, no degree (3.9%) $674
- High-school graduate (4.3%) $595
- Less than a high school diploma (6.8%) $419
It's pretty clear that, on average, the more schooling you get the better you'll do. People like Bill Gates who amassed fortunes with very little formal education are, of course, the exception. A high school student counting on being a Bill Gates is like a high schooler counting on making it in the NBA. You're a lot better off getting all the education you can get.
RLC