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Want to learn how to become wealthy? Wilbur Ross knows what you should do: go to school.

Earlier this year, the billionaire investor said, “Education is how people get out of the ghetto and into, if not the One Percent, something close to it.”

All done. So simple.

So easy to do that you have to wonder why everyone doesn’t do it. Why don’t we all study hard enough to reach the top 1%?

In fact, many people have tried. Over 73 million adults in this country have a college degree, but less than 2 million are in the top 1%. Most people make less than a fifth of what they need to make it into the top 1%.

The same is true for degrees earned after college. About 38 million adults have a master’s, professional, or doctoral degree, and more than 37 million make less than One Percent. Most are nowhere near. You must make more than $393,000 a year to be in the One Percent. Most Ph.D. graduates make less than $93,000 a year.

And it’s getting worse. After accounting for inflation, the wages of new college graduates entering the workforce today are 5% lower than what their predecessors earned a decade ago. Over half of them can’t find full-time jobs, and half of those who do aren’t using what they learned in school. Even people who graduate from law school only have a 50/50 chance of getting full-time legal jobs. Because of this, college graduates are the group in this country that is getting food stamps at the fastest rate.

That’s a long way from the good life Wilbur Ross told them they could have.

It’s not hard to understand why Ross would do this wrong thing. The average person in the top 1% has more education than the average person in the bottom 99%. Ross looks at the education of his fellow One Percenters and thinks that’s how they got where they are. It’s like the old joke about the guy who was born on third base and thought he’d hit a triple.

Ross’s life is a great example of this. His father went to Yale, one of the world’s best schools. He sent his son to Xavier High School in Manhattan, which helps students get ready for college and costs $14,450 a year to attend. From there, Ross went to Yale, which is not a big surprise. His professor got him his first summer job on Wall Street, which is also not a big surprise.

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