[lbo-talk] I hope you all vote(d) for Obama

Joanna 123hop at comcast.net
Thu Feb 7 22:15:23 PST 2008


Julio Huato wrote:
> Even this regression can only explain 27% of the variation of U.S.
> personal income. Yet age comes up highly significant. Only sex and
> higher ed (college and grad/professional school) come up as more
> significant than age.
>
It makes sense to me that age should be a significant variable. Inherited wealth aside, most people who make a high income need actual skills and actual experience before that happens. By the time they get the training, they're in their late twenties; by the time they get the experience, they're in their mid thirties. At this point they probably have kids, which is a major expense. And then there is education debt.

So really, nothing starts to kick in until the forties.

Joanna



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