Jobs and wages

The Bureau of Labor Statistics (BLS) gathers wage data from across the nation and categorizes them by occupation. The average annual earnings of each job category is calculated and itemized. There are some really interesting findings.

For instance, the much vilified  Chief Executive Officer (CEO) comes in at number ten in the list of most highly paid occupations. How could that be? We know, for instance, that Larry Ellison, the eccentric head of Oracle, made $41.5 million in 2016. So how could CEOs rank only tenth? It’s because the vast majority of CEOs head up small businesses and make less than impressive incomes. The small jewelry company whose owner makes $55 thousand. Or the landscaping chief who pulls down a cool $40K. They drag the average way, way down.

So while being a CEO might sound like a magnificent occupation the BLS measures the average income at $194K per year. Good but not glorious.

Who  makes up the first nine slots? These are the occupations whose annual income ranges from $200K to $270K. Very well paid indeed.

At the top of the list is anesthesiologists at $270K. Next, surgeons, $253K. (Interesting that, on average, surgeons make less than anesthesiologists. Perhaps some of them are regretting their specialty).

Then there is OB/GYN at $234K, and oral surgeons at $233K.

Orthodontist, $229K.

Physicians, $206K.

Internists, $202K.

Family practitioners, $201K.

Psychiatrists, $200K.

After this is the hated CEO, then six more medical professions before we finally get to number sixteen, the airline pilot, at $152K.

Let’s take a pause here and consider. Of the top fifteen paid professions, all are medical except for one. No wonder health insurance is so pricey!

Now that we are getting out of the stratosphere, we start to see some more expected well-paid jobs. Petroleum engineer, $147K, and computer system manager, $146K. Lawyers are a bit lower on the list at $140K.

The next broad swath, from here down to $100K (an arbitrary boundary), is heavily populated with technical occupations. Marine engineers and technical architects. Software developers. Geoscientists.

To try to put this all in perspective, let’s take a look at the bottom of the BLS statistics and work our way up. Here, the lowest paid occupation is food preparation at $20K. (That’s roughly 10 times less than all the folks we have been talking about up to now).

Cooks, shampooers, dishwashers, cashiers, lifeguards, manicurists, bartenders, meat packers, floral designers, and we’re still not up to $30K. These are the vast foundation of America, laborers extolled by Studs Terkel in his classic book “Working” (1974). The important point that Terkel raised is that these folks are proud of their work and find meaning in what they do. They would rather work than not.

What are we to make of all this?

First of all, there is no shame in honest labor, no matter how little you earn. There is dignity in work, in creating value. Let no one denigrate what you do.

What would we encourage our children to do? While becoming an artistic barista might be rewarding, we might want more for our child. In that case, looking at the top of the BLS occupation list, the only thing which seems most common, most qualifying, is STEM. Science, technology, engineering, math. This will prepare them for the top tier of careers in medicine, engineering, and management.

If you must nudge your kids, encourage them to embrace math. It is the root of human reasoning and will prepare them to excel in science, technology, and engineering.

Anyone can be good at math. It is an innately human ability, to reason. There are only social, cultural and self-confidence barriers, which we must demolish. Race is immaterial, gender irrelevant, and class can be overcome.

The key is love and encouragement. Each child has the raw ability and must only be helped to see what she can achieve.

Belief. What a gift you can bestow.