Quotes from above …
From 1979 to 2017, as the average real annual wages of the top 1 percent of Americans rose 156 percent (and the top .01 percent’s wages rose by a stunning 343 percent), the purchasing power of the average American’s paycheck did not increase.
While 34 percent of Americans ages 25 and older have a bachelor’s degree or higher, only 26 percent of jobs currently require one. The job categories that are growing fastest, moreover, don’t generally require a college diploma, let alone a STEM degree. According to federal estimates, four of the five occupational categories projected to add the most jobs to the economy over the next five years are among the lowest-paying jobs.
Educationism appeals to the wealthy and powerful because it tells us what we want to hear: that we can help restore shared prosperity without sharing our wealth or power ... By distracting from the true causes of economic inequality, they also defend America’s grossly unequal status quo.
the bottom 90 percent is divvying up a shrinking share of the national wealth. Fixing that problem will require wealthy people to not merely give more, but take less.
"Every month for the last year, the Bureau of Labor Statistics’ wage data releases have continued to demonstrate that workers simply aren’t getting ahead. Despite some nominal growth, real wage growth has been consistently hovering around zero (rising at just a 0.2 percent annual rate from 2016-2017).
At the same time, this year’s annual data release from the Census Bureau showed us that the median household income has risen to $61,370 in 2017, a 1.8 percent increase even after adjusting for inflation.
How are real incomes rising even as real wages are flat? The answer lies in the simple fact that both hours worked and employment have been rising consistently. Annual income depends not only on wages, but also on the number of hours a person works in a year and the share of the population that is working."
I contend that this article was written by somebody that is confusing a correlation with causation.
I've coached 3,500 K-12 students in chess from 5 schools, have known something about most of their families and a great deal about many for their families/parents, as well as knowing hundreds of teachers.
The income of parents has very little to do with causing a child to become a high achiever or become well educated. The element that determines that is the importance that the parents place on an education and the standards that they set for themselves and their children.
Parents with high standards, have well educated children............AND have higher incomes because those same standards served them well in the professional/job world. They have the blue prints to success and pass it on.
Giving a poor family more money, allows them to afford more material things. Raising their income level is great.........but does it result in them making their kids do homework every night and getting good grades in school?
No, money does not buy that.
That trait of good parenting is shared with good ____ fill in the blank.
When you apply yourself universally in life.................good things happen in everything. Your job/income. Your education, your childrens education.
So children of high income earners are obviously going to be more likely to follow the same path that their parents, raising them did.
Give a poor couple a million dollars and have them raise a family. Do you think that family will do as well as the one that had parents with an earned million dollars that understand what you have to do to get to that level and pass it on?
Since immigration is a hot topic. Do you think that the parents that are crossing the southern border have college degrees and are successful at their jobs/life and will be passing that on, by the way that they raise their children?
They are coming here to fill a need to work the lowest wage jobs that require no education (and become democrats)..........which is a big step up for them from their country and good for them if they do it legally and have a better life.
If we doubled their wage, would this result in them suddenly understanding that their kids need to do homework, study for tests, get good grades, apply for colleges?
I related my story here about the 10th grader that just recently immigrated here from El Salvador. Kids that do chess, usually have been thinking about college for years by the time they're in high school........because their high achieving parents, like mine told us we were going to college going back to since we can remember.
I asked Josue about college and he just smiled and had no clue, as if he'd never really considered it.
https://www.marketforum.com/forum/topic/27261/
Can the school system offer him opportunities and open doors and teach him things which allow him to go to college? I'm betting that's exactly what will happen with him in our wonderful school system.
But it will have nothing to do with how much money his parents make(I don't remember for sure but think they might actually still be in El Salvador).