What is the apparent relation between higher education & an educated worker's prospects for wealth?

Answer 1

Between 0 and 0, if you're an Arts major.

Answer 2

It is significant, except for the progressive tax situation, the more education the wealther. Of course it depends a lot on you major/degree. What kind of job do liberal arts majors think thay will get? Or French Poetry? Or art?



Education and Income
Studies by the US Census Bureau and many other agencies have consistently shown that people with a higher level of education make more money than those with less education. For example, the US Census Bureau issued data in July of 2002 that shows the following:

Highest Education Level Achieved Annual Income (1999)
Professional Degree $109,600
Doctoral Degree $89,400
Master's Degree $62,300
Bachelor's Degree $52,200
Associate Degree $38,200
Some College $36,800
High School Graduate $30,400
Not High School Graduate $23,400

It has also been shown that this higher level of annual earnings translates into significant increases in overall lifetime earnings. The US Bureau of Labor Statistics data from 2001 show the following:

Highest Education Level Achieved Lifetime Income (40 years)
Bachelor's Degree $1,667,700
Associate Degree $1,269,850
High School Graduate $994,080
Not High School Graduate $630,000

Higher levels of education payoff in lifetime income in a big way. It is interesting to note that this relationship between education and earnings potential has been known since the 1970's, and has been consistently demonstrated by government surveys. In fact the difference in income level with education has grown significantly over the years. The Bureau of the Census has suggested that the gap in earnings between those with higher education and those with lower education will continue to grow in the future.

The US Bureau of Labor Statistics has also shown that the unemployment rate steadily drops with higher levels of education. Unemployment for non-high school graduates was 6.5% in 2000, 3.5% for high school graduates, and 2.3% for those with an associate degree.

Education makes a difference!

Sources:

U.S. Bureau of Labor Statistics
U.S. Census Bureau

Answer 3

Not as much as they'd like for you to believe, unless you have a specialized field.