Final answer:
Individuals with a bachelor's degree can earn $1.2 million more over their lifetime than those with only a high school diploma, according to a report from the Georgetown University Center on Education and the Workforce. The value of a bachelor's degree has risen due to the reduced availability of jobs for individuals without post-secondary education and the associated lower value of a high school diploma.
Step-by-step explanation:
The question revolves around the financial benefits of obtaining a bachelor's degree compared to only having a high school diploma. Analyzing the data from the Georgetown University Center on Education and the Workforce, one can conclude that individuals with a bachelor's degree earn, on average, $2.8 million over their lifetime. This figure is approximately $1.2 million more than the earnings of those who have just a high school diploma. Not only does a college education increase income, but it also correlates with a lower unemployment rate.
The 21st century job market heavily favors individuals with post-secondary education, limiting opportunities for those lacking it. Jobs that previously offered middle-class incomes to high school graduates are becoming less accessible, emphasizing the necessity for further education. As a result, the value of a bachelor's degree has increased, not only because it can potentially lead to higher wages but also because the economic worth of a high school diploma has significantly declined.