You’ve probably seen all those “Is going to college worth it?” stories going around. [My theory is that they appear whenever anti-government zealots who think that $250,000/year isn’t really rich want to look for some extra excuse to cut government spending.] A new College Board report blows those arguments out of the water:
Over the course of a 40-year career, the average college graduate earns about 66 percent more than the typical high-school graduate, and those with advanced degrees earn two to three times as much as a high-school graduate, according to the report.
Still think $40,000 per year is a bad investment? Then go to a state school.
Unhappy with this result, the usual suspects start quibbling:
“The point is, yes, you make more going to college. There’s no question about it,” says Mr. [Richard] Vedder, who is a professor of economics at Ohio University and also writes for Innovations. The question is whether the report adequately accounts for those who do not graduate, he says.
Shockingly enough, I too agree that starting something as expensive as college and not finishing it as a bad investment. So why don’t we all just come together and sing “Kumbaya” until we come up with better ways to retain students? The answer is easy, the anti-college zealots aren’t really concerned about the economic prospects of future students. They’re too busy counting their coins and worrying that more people will learn that the entire premise of their argument is built upon a lie.