Edward Conard

Top Ten New York Times Bestselling Author

  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
Upside of Inequality Oxford Unintended Consequences

AI Summary. Debt-to-income ratios for US graduate programs vary widely by school, with graduates of some prestigious institutions taking on debt exceeding their post-graduation earnings. University of Southern California master's in public health graduates carry 2.5x the debt of California State University, Long Beach graduates despite similar earnings two years out.

James Benedict Wall Street Journal
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@WSJ highlights the economic implications of pursuing a graduate degree by examining the debt-to-income ratio across various programs and degree levels. Data reveals that graduates from prestigious institutions often incur debt exceeding their post-graduation earnings capacity.

Does graduate program debt relative to earnings vary widely by school?

Core argument: University of Southern California graduates with a master's in public health carry 2.5 times more debt than California State University, Long Beach graduates in the same field, despite similar earnings two years after graduation, according to The Wall Street Journal.

The Wall Street Journal highlights the economic implications of pursuing a graduate degree by examining the debt-to-income ratio across various programs and degree levels. Data reveals that graduates from prestigious institutions often incur debt exceeding their post-graduation earnings capacity. For instance, University of Southern California (USC) graduates with a master's in public health have 2.5 times more debt than their counterparts from California State University, Long Beach, despite similar earnings two years post-graduation. This disparity underscores the importance of evaluating the long-term financial impact of graduate education. The Journal's tool allows users to compare debt-to-income ratios for undergraduate, master's, doctorate, and professional degrees nationwide, providing valuable insights for prospective students, economists, and policymakers. Such data-driven analysis is crucial for understanding the broader economic effects of educational debt and guiding informed decision-making regarding higher education investments.

Takeaways by Macro Roundup® AI

  1. University of Southern California graduates with a master's in public health carry 2.5 times more debt than California State University, Long Beach graduates in the same field, despite similar earnings two years after graduation, according to The Wall Street Journal.
  2. The Wall Street Journal's data indicate that graduates of prestigious institutions often incur debt exceeding their post-graduation earnings capacity.
  3. The Wall Street Journal's tool lets users compare debt-to-income ratios nationwide across undergraduate, master's, doctorate, and professional degree programs.

James Benedict, Andrea Fuller and Lindsay Huth, "Is a Graduate Degree Worth the Debt? Check It Here,"Wall Street Journal, July 15, 2021, https://www.wsj.com/articles/is-a-graduate-degree-worth-the-debt-check-it-here-11626355788

Is a Graduate Degree Worth the Debt? Check It Here

Lured by the aura of degrees from top-flight institutions, many master’s degree students have taken on debt beyond what their pay after graduation would support. This finding was detailed recently in an article published by The Wall Street Journal.

Unanswered was the question of how all the nation’s universities compare. To answer it, the Journal assembled data that allows you to look up students’ earnings after graduation, compared to their debt load, for most universities. You can use the tool to compare undergraduate degrees, as well as master’s, doctorate and professional degrees.

Here’s an example of how it works. The University of Southern California and California State University, Long Beach, both located in Los Angeles County, each offer a master’s in public health—a degree that became increasingly popular during the pandemic.

These are students’ median earnings two years after graduation at every one of 123 schools that offer a master’s in public health, according to Education Department data on federal loan borrowers.

Recent graduates of the California State University, Long Beach and the University of Southern California made similar incomes.

But USC graduates left school with 2.5 times as much debt as Cal State Long Beach graduates.

In other words, USC’s debt-to-income ratio is far greater than Cal State Long Beach’s. The higher the ratio, the higher the debt is compared to the income students earn after graduation.

USC said tracking graduates after a longer period will better measure the impact of the public-health program, and that the school’s own salary figures are higher than those published by the Education Department, which come from federal tax records.

Cal State Long Beach said the school’s graduates benefit from low debt loads across the board and that their degrees lead to enhanced lifetime earnings.

The tool below compares the debt-to-income ratio of programs around the country.

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