Support for Higher Education
By Arnold Kling
Jeff Madrick argues for more aid to higher education.
the case for investing in higher education is stronger than ever. We of course all know some people with a great education who earn a lot less than their peers with a lesser one. But the gaps in average income between those with degrees and those without are enormous. And the more education the better. The median annual income for men with graduate degrees was more than $66,300, more than twice the high school graduate’s earnings.
In this essay, I cited Richard Vedder’s arguments against state subsidies for higher education. His argument is that the benefits of higher education are primarily private, as opposed to social, and that subsidies do not make college more accessible to the poor.
For Discussion. Does Madrick address any of the issues raised by Vedder, or vice-versa?