Because economists tend to point out things like this, it is not surprising that I was not invited to give a commencement address. But if I had been, my message would have been a simple one.
Don’t worry. You made the right decision.
Recent earnings data indicates the essentiality of education. According to the Current Population Survey (CPS) annual earnings for Colorado’s full-time workers without a high school diploma averaged $25,916 in 2006. For Centennial State residents holding a high school degree only, annual earnings averaged $34,698. Over just 15 years, a (crude) calculation shows the high school diploma is worth about $132,000.
High school graduates are also less likely to live in poverty. CPS data from 2005 indicate 22.1 percent of Colorado’s adult population without a high school diploma lived in poverty. By comparison, the state’s high school only graduates had poverty rates of 11.6 percent.