Wage differentials.

[PinkFruitbat]

The graduate premium has eroded and wage differentials compressed. Is this the socialist utopia you dreamed of?

What do you mean by this post? I'm not understanding what the question or the graph is asking about? Do you mean that it's no longer worth £££ going to university any more? If so, what's that got to do with socialism?

It also doesn't show what the situation is 5 years down the line: is the gap the same or do graduates start stretching ahead?

Yes, I was about to say that. 5 years, 10 years, what about at 60?

Socialism has crushed wage differentials. Pretty clear from the data.

For some (like me) their incomes will stretch ahead. For many, not really, especially not now with the student loans. Well done socialism.

During the timeline on that graph the UK had a Tory government. Capitalism in charge. The student loan system was brought in by Tory governments. Capitalists, not socialists.

It's a bit bleak isn't it. I speak as someone whose career is on a downward trend now as well - so am slightly biased..

Or the fact that a lot of students go to university who even 20 years ago wouldn’t have gone ?
Uni is not for everyone and it doesn’t need to be.
Just among friends and family there are kids with huge debts who left uni with no jobs and are working in jobs which are nothing to do with their degree.
More jobs will be taken by AI.
There is a lack of tradesmen , definitely so in my area.

It’s very entertaining when people describe the very socialist tory government as capitalist. They poured mountains of money into welfare, furlough, social services, and triple locks. Squeezing all the productive in the process.

Even if that graph is accurate what evidence is there that it's anything to do with socialism? As has already been said, Tory governments are not that socialist. And Labour is not much different in reality: different values but they don't actually put them into practice particularly.

I'm not going to get into a discussion with the OP who has some dim as fuck ideas!

This seems like a fully general argument against anyone ever providing a data-backed argument. "oh you have data, I notice none of that data is from the future"

Oh come on.
The OP is trying to imply that it isn't worth going to university any more (and apparently blaming 'socialism'.)

If additionally she showed how the 5 year in pay differential has changed in the same time we might get an idea as to whether it is just starting salaries that are being squeezed or longer term ones too.

But there was a Conservative government for 14 years, do you think that this lack of wage gap (which doesn’t show future earnings) is down to 2 and a bit years of a Labour government? I think 14 years of Conservative rule (and therefore not ‘Socialism’) may have had an impact on wage stagnation.

Is that clear from the data? It feels like one plausible explanation of the data. But other things that could explain it (obviously not exhaustive):

• University enrollment has widened, such that a degree is no longer a good proxy for intelligence
• The gap in value between white-collar and blue-collar work has shrunk, due to what can be automated
• There is adverse selection on graduates, where the best are most likely to emmigrate

To be clear, I agree that the efforts to compress the wage distribution are bad. But I do not think that one graph shows what you are claiming.

It seems to be a UK phenomenon.

The 14 tory years were very socialist.

what a laugh / they were incredible right wing moving ever right

there is nothing socialist about taking money out of education and the NHS and the home renting public giving it to your mates

Not sure paying thousands of pounds, plus having to take a loan rather than grant, is a particularly socialist construct?

I don't see where this conclusion is "pretty clear from the data". Moreover, from your responses on this thread, I'd like to know what your definition is of "socialism" and who exactly you think has been dreaming of a "socialist utopia" being implemented in the UK?

Then show us that data - it’s far more relevant to your point that showing salaries for first jobs.

I think the main thing it shows is that the quickly increasing minimum wage has raised the "floor', compressing the distribution.

Those salaries are quite low, it doesnt show the full picture of different ages. I don’t think you can just look at say salary differentiation of 25 years old, you need to also consider at 30,35,40 etc.

Also people without degrees might have spent many years training too but for different types of qualifications

Why do you keep bleating on about socialism? I don’t understand your point.
if you claim that the 14yrs of Tory government were socialist, can you please explain what your main points of an ideal capitalist government would be?
Or are you using socialism in the same way US republicans would use it??

Wage compression is occurring right up the income distribution.