The sky is the limit, especially for the statistician. A plethora a data was recently released by the Census Bureau on income, poverty and other related topics. Like most statistics the true meaning of this data is open to interpretation. Perhaps most disconcerting is the fact that, according to the Census, earnings for young college grads has declined to the lowest level since 1997, when adjusted for inflation. So what does this mean? To the outside observer, such figures are quite clear, the outlook is becoming more and more dim for up and coming generations as it becomes more and more difficult to eek out a living, much less surpassing mom and dad’s success, or is it?
In life our success or failure, especially in monetary terms, is largely a byproduct of our own decision making. What the Census figures don’t say and what the average citizen can’t possibly know is more and more college age students are choosing degrees with lower income potential in the long term. Fewer and fewer students are choosing degrees in engineering and the sciences. This is one reason why many American firms have turned to places like India to fill high tech (and high paying) jobs.
There is no shame in pursuing a career in the humanities or social science, but these graduates shouldn’t harbor any allusions of becoming instant millionaires, such a reality is far from the norm. The decisions we make will have a direct impact on our future and if more students opt for careers in fields with lower income potential we should not be surprised if median income continues to decline.
These facts, however, will most certainly go unnoticed, when used as a rallying cry for the left in their relentless campaign against personal responsibility and individual choice, but then again why burden oneself with facts, when fiction and half-truthes will do?
Link to Business Week article
