Although the article claims that delaying employment with grad school doesn't make you money, there's some good empirical evidence that a delay can create benef

Although the article claims that delaying employment with grad school doesn't make you money, there's some good empirical evidence that a delay can create beneficial cohort effects which pay huge dividends over a career. If you get a job during a nasty economic time, you'll probably end up saddled with a lower salary. This salary then becomes the foundation on which all future raises are calculated (e.g., a 5% raise). If, however, you got a job during a robust economic time, you'll start with a higher salary and a higher foundation on which all future raises are calculated. The difference between waiting a year for an extra bump in salary can pay off a lot because the difference will be compounded over the years. This creates an economically rational incentive to avoid the workforce by entering grad school for a little while (no PhD programs) or by finally giving the startup thing a try.