|Issue of the Day Posts Tagged ‘Degree Attainment’|
According to the Department of Education, countries such as Canada, Japan, and Korea have advanced beyond 50% of their adult populations earning the equivalent of an associate degree or higher. To get the US population to the competition’s level represents a roughly 50% increase in US annual degree production for the next 16 years. Moreover, we would have to pay close attention to the shifting demographics of the US population, which by 2020, whites will decrease to 63%; Hispanic will increase to 17%; and Blacks will reach 13%. A study by the National Center for Public Policy and Higher Education argues that if current gaps remain, the net result would be a projected 2% decline in per capita income over the period from 2000 to 2020. This would result in a shrinking tax base and a weakened global competitive edge.
College degree attainment rates within the US have been relatively flat for two decades at 20-28% for males and 24-30% for women, averaging 29% overall in 2008. Of those aged 25-29, broken down by race, Whites achieve 32%; Blacks earn 19%; and Hispanics are awarded 13% of all degrees. Adding an Associate’s degree increases income by about $10,000 annually; adding a Bachelor’s near doubles income; and a professional degree quadruples a High School annual income. This is especially important when considering that the top 50% of wage earners have paid 96% of our total Income Tax Share in 2007.