Wells Fargo economists recently weighed in on this year’s ongoing debate about the value of a college education. The verdict, not surprisingly, is yes: it’s worth it. According to chief economist John Silvia and Tim Quinlan and Joe Seydl (via Wall Street Journal):”Many observers have cited rapidly increasing tuition costs and heavy student-loan debt burdens as higher-education disincentives, causing younger workers to question the overall economic return of a college education.
“Even with these disincentives, however, the benefits of attending college still outweigh the increased costs. And the benefits are not specific to just recent college graduates. Indeed, while recent college graduates have had more success in the labour market lately than their counterparts without a degree, older workers who hold college degrees also continue to perform relatively well.
“Compared to the broader population, employment among all college-educated workers has shown considerable improvement since the recession ended. What is equally important, though, is that earnings of college-educated workers remain considerably higher than earnings of less-educated workers. For example, according to the Bureau of labour Statistics, median weekly earnings of workers holding a bachelor’s degree are 62 per cent above median weekly earnings of workers holding only a high school diploma.”
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