This month's topics have highlighted some of the struggles experienced by recent college graduates, but let's be fair. The reality is that college graduates, according to Department of Labor, still experience higher lifetime earnings than those workers who do not graduates college. A few examples as they relate to my hometown of Pittsburgh, PA...
The Bureau of Labor Statistics indicates that, "only 14% of workers in the Pittsburgh region earn more than $50,000.00 per year." Typical job titles for the region that earn more than $50,000.00 include but are not limited to Computer Sytsem Analysts, CEO's, Lawyers, Registered Nurses and Physicians/Surgeons. It goes without saying that these occupations all require further education.
The BLS also indicates, "50% of Pittsburgh area workers earn less than $25,000.00 per year." Occupations that fall in this pay range include Security Guard, EMT's, Secretary, Pharmacy Aide and Fast Food Cook.
This raises yet another interesting question. Should the value of education be measured over time or should it be based upon current situations? The reality is that most college graduates are young and thus still considered 'entry-level' workers. Therefore, many are paying their dues and earning an entry-level salary. At the end of the day, graduates from Duquesne, Penn State, Ohio State, etc. will probably out-earn their workforce counterparts who have not earned a four year or advanced degree.
One could make the argument that a young person who took a job right out of high school in the shale industry or in one of the skilled trades--positions not requiring a college degree--and who worked that job for 25 years, would likely be as financially secure as most of their college educated peers in the long term. The trade workers might, in fact, find themselves in a better financial situation over the long haul.
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