What’s the worst college in America in terms of taking in kids from rich families and turning out young adults who, despite all their privileges, still won’t earn very much?Read the whole thing there.
By one way of counting, the biggest loser is Middlebury College in the Vermont ski country, site of the recent Charles Murray riot. The median parents of Middlebury students earned $219,600 per year (in 2015 dollars). Moreover, Middlebury has the highest mean income parents at $559,000 per year, which is nice.
While ten to twelve years out of Middlebury, their median children (as 32- to 34-year-olds in 2014) earned $61,800.
Granted, $61,800 isn’t bad, but it’s still $157,800 less than their parents were earning while they paid their tuition, which is a lot.
These data points gratifyingly fulfill stereotypes I’ve long harbored about rich-kid colleges. But how do we know these numbers about colleges?
Once again, we are indebted to Stanford economist Raj Chetty’s ability to talk his way into a trove of 1040 tax-return data that nobody previously seems to ever have had the gall to imagine they could get their hands on. … That doesn’t mean, however, that there’s nothing of interest in Chetty’s vast databases, just that you likely won’t hear the fun stuff from him.