- The Washington Times - Tuesday, May 27, 2014

New income statistics suggest holding a college degree is more valuable than ever, despite a lagging economy and fresh debate about student loan debt.

The New York Times reports the pay gap between college graduates and other Americans else reached a record high last year, based on Labor Department data analyzed by the Economic Policy Institute.

People with four-year degrees made 98 percent more per hour, on average, than people without a degree, an increase from 89 percent five years ago, 85 percent a decade ago and 64 percent in the early 1980s, The Times reports.

The data suggests there are not enough college grads to satisfy the current economy. If there were too many, the pay gap would shrink, according to the newspaper.

“We have too few college graduates,” David Autor, an economist at the Massachusetts Institute of Technology, told The Times. “We also have too few people who are prepared for college.”

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide