America is touted as the land where education can level the playing field, but new research shows a college degree is worth a lot less, earnings-wise, to poor kids than to rich ones. Washington Post staffer Christopher Ingraham reports on the Brookings Institution's new research based on data from the the Panel Study of Income Dynamics, a massive, nationally representative study that's tracked the economic progress of 18,000 individuals in 5,000 families since 1968.
The data points out that the gap rich and poor kids with and without college degrees:
Not only that, but the earnings gap between poor and rich college-educated kids is huge, and it grows over the course of a career. Right after college, poor kids earn about two-thirds as much as rich kids, on average. But by mid-career, the typical college grad from a rich family is earning close to $100,000, while the grad from a poor family is making around $50,000