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Can someone explain the y-axis for lifetime earnings? 45k seems low for lifetime earnings in 2013 dollars.
by rileymat2 5y ago
Can someone explain the y-axis for lifetime earnings? 45k seems low for lifetime earnings in 2013 dollars.
- AlexB138 5y agoFrom the article: > Note: Each observation represents the median earnings of men of a particular age in a particular year. For example, the 1957 cohort is represented by an Age 25 observation in 1957
- rileymat2 5y agoThanks, that’s what I missed. Was not clear to me it was for that year. For chart 1 “ Each marker/observation represents the median lifetime earnings of a cohort that turned age 25 (entered the labor market) in the year indicated on the x-axis. Values are displayed in thousands of 2013 US dollars. Earnings are deflated by the Personal Consumption Expenditure (PCE) deflator.” Leaves that particular part out.
- grumple 5y agoChart 1 doesn't make sense to me. It seems everything else is about the median YEARLY earnings, and the word lifetime in the context of this doesn't make sense. Maybe it means the median yearly wage for each individual? Like if I worked exactly 3 years in my entire life and I made 25k at 25, 40k at 40, 60k at 60, my median earnings would be 40k. That's the only way I can make sense of that.