The Blubber

Per Bloomberg

Americans who hold college degrees are sharing how they have been struggling with the decline in wages. People without college degrees are slowly catching up to those that already hold secondary degrees.

The New York Federal Reserve shared how the median annual pay for bachelor's degree holders for 2022 was $52,000. People that held high school diplomas, on the other hand, earned an accelerated 6% in wages at $34,320.

Americans that didn't have college degrees were already earning 93% of what recent college graduates were able to earn on the bottom end. This is an increase from the mere 79% that they were able to earn in 2021.

The unemployment rate for recent graduates reached 4.1% in December 2022, a full 0.2% increase from its March 2020 numbers. In March 2020, the unemployment rate sat at just 3.9%.

Fields with the highest unemployment rate included philosophy, which exceeded 9%, while other fields like nursing and education sat at below 2%. The data revealed that certain technical skills were more important for the industry, with plumbing and electrical work being among the top priorities.

The drop in wages for college graduates wiped out almost all of the gains during the pandemic era.

In August of 2022, Biden launched a student debt forgiveness plan that could cost taxpayers an average of $2,000. Up to $10,000 in federal student loans would be canceled for borrowers that had just under $125,000.

National Taxpayers Union director of federal policy, Andrew Lautz, said that this would have consequences for consumers. To be more specific, he said that it would have consequences for taxpayers.

In November of 2022, the Biden administration decided to stop accepting federal student loan forgiveness applications. This comes shortly after a Texas judge decided to reject an executive action by President Joe Biden that would cancel up to $20,000 in student debt for tens of millions of Americans.

See flow at unusualwhales.com/flow.

Other News:

• Biden’s student debt forgiveness plan may cost taxpayers an average of $2,000
• The Biden admin has ceased accepting applications for federal student loan forgiveness

Resources:

Bloomberg