This should not come as any surprise but annual income varies by educational attainment. I remember earning my degree and getting my first “real” job. I was making $10 an hour and thought I was big time. I had a one-bedroom apartment to myself and could go on dates. I was set! I remember after the “trial” period was over and I went on salary – WOW! I was already saving at $10 an hour! If I didn’t get complaints from my friends and family about my apartment’s location, I may have never moved. It didn’t bother me so much when the strange guy would come “dumpster-diving” every day or when my bike would get stolen.
Back to the topic at hand, I earned an undergraduate degree and then chose to pursue a graduate degree. I still wasn’t earning much, but I was earning more nevertheless. The thought of bringing someone up higher than were I began with my four-year degree via artificial methods such as a minimum wage hike – without regard to any performance, effort, or achievement – is mildly offensive to me. I have pride in my accomplishments and to think I could have done nothing and ended up in a similar place is outrageous.
One of the biggest contributors to rising inequality in America today is the growing earnings gulf between workers with college degrees and those without. Indeed, the median income for all households was $51,244 in 2011. By contrast, the median income for a household headed by a worker with a four-year college degree was $78,251, more than 50 percent above the typical household. Those with professional degrees earn more than twice the median household income.