07 February 2013

"Average earnings of young college graduates are still falling"

Marginal Revolution | Tyler Cowen | Average earnings of young college graduates are still falling
Diana G. Carew, who works with Michael Mandel, reports:
The latest Census figures show real earnings for young college grads fell again in 2011. This makes the sixth straight year of declining real earnings for young college grads, defined as full-time workers aged 25-34 with a bachelor’s only. All told, real average earnings for young grads have fallen by over 15% since 2000.
I wonder how many high school guidance counselors would be familiar with this graph. To a first approximation, I'd guess zero.

PS Images like this should be stapled onto every FAFSA application. Where are Obama, Sunstein, Kahneman, etc. on this? Surely they don't object to clearer disclosure, right? Right, guys? What, are you trying to trick people into borrowing money by exploiting the cognitive weaknesses of "System 1"?

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