Figure 3 shows data on educational attain- ment by birth cohort rather than for the cross section of workers. After 1950, the rise in educa- tion slows markedly and has ceased for the most recent cohorts. Nothing in the model requires this—educational attainment could rise with life expectancy and could even rise faster than life expectancy for a long time. However, edu- cational attainment in the data does slow. In the future, one can reasonably expect a reduced con- tribution from education and, other things equal, slower income growth.