Final answer:
It is true that dropping out of school typically leads to diminished opportunities for earning a good income, due to limited job options and higher unemployment rates for those without a diploma.
Step-by-step explanation:
The statement that dropping out of school greatly reduces a person's chance to earn a good income is generally true. Various studies and statistics demonstrate that education level has a significant impact on employment opportunities and potential earnings. As revealed by unemployment rates from January 2017, individuals with a college degree had a lower unemployment rate at 2.5%, compared to 7.7% for those without a high school diploma. These patterns occur because higher education usually connects better with the labor market and is in higher demand. Additionally, in the contemporary work environment, the value of a high school diploma has declined, as most jobs now require some level of post-secondary education. Consequently, the lack of a diploma equates to limited job options, particularly the well-paying ones that used to be accessible to high school graduates in the past.
While there are exceptions to every trend, with some individuals with limited education achieving success and some with advanced degrees struggling, the overall trend strongly indicates that education significantly influences earning potential. Given the increased requirements for even entry-level positions and the changing landscape of the job market, completing education is crucial for competitive participation in the economy.