THE EDUCATION ECONOMY by RACE & ETHINICITY
When it comes to income, no matter how you slice it, dice it, bake it or shake it, education makes a difference regardless of race or ethnicity. A better education means a better job and hence better income. BING-BOP-BOOM. (Furthermore, education is KEY to economic growth, income distribution and a healthy & vital economy WSJ.com)
Table 1 clearly shows that discrimination occurs b/c of education. WHITES are most likely to have completed HS followed by Asians, Blacks & Hispanics, respectively. As for degrees, at every level ASIANS are much more likely to have a degree followed at a distance by WHITES. BLACKS and HISPANICS (in that order) are much, much less likely than ASIANS or WHITES to have a degree.
Table 2 tells the unemployment story b/t and among various racial & ethnic groups (from 2011 to 2012)
ALL groups had a decrease in their unemployment rate (%) b/t 2011 & 12. (No news, here)
Of the 4 tabled groups, the BLACKS & ASIANS had the biggest reduction in unemployment rates regardless of whether their education was < high school OR at least a bachelors.
Table 3 relates income to race and ethnicity over the last 20+ yrs.
The best incomed Americans are ASIANS followed by WHITES, HISPANICS and BLACKS. For 2012, ASIAN’S med fam income is 17% more than WHITES, 76% more than HISPANICS & 106% more than the BLACKS.
The Great Recession (Dec ’07 through June ’09) impacted ALL groups but, BLACKS were impacted the most followed by WHITES, ASIANS, & HISPANICS in that order. (See 2012 vs. 2008 col.)
From 2011 to 2012, the ASIAN median family income grew the most by far (+3%). WHITES grew by almost 1%. BLACKS & HISPANICS both showed negative growth.
Table 4 shows the indisputable relationship b/t education & earnings. Simply put, BLACKS and HISPANICS were the most income disadvantaged given their < HS diploma. Having said that, THEY showed extraordinary growth b/c of their education, BLACKS +157% and HISPANICS +135%. (We didn’t include ASIANS in this analysis b/c they are NOT income disadvantaged w/o a HS Diploma. Secondly, we had to assume $30,000 in wages for ASIANS w/o a HS diploma, any comparisons are assumptive ridden and therefore italicized and bolded. The result is that these data probably should not be given the same credibility as the other data in this table).