At the 25 public universities with the highest-paid presidents, both student debt and the use of part-time adjunct faculty grew far faster than at the average state university from 2005 to 2012, according to a new study by the Institute for Policy Studies, a left-leaning Washington research group.
The study, “The One Percent at State U: How University Presidents Profit from Rising Student Debt and Low-Wage Faculty Labor,” examined the relationship between executive pay, student debt and low-wage faculty labor at the 25 top-paying public universities.
The beauty of bitcoin, many of those who use the currency will tell you, is that it’s decentralized. You don’t have to bother with a bank, which means you don’t necessarily leave the kind of paper trail that many other transactions produce. From the user perspective, paying with bitcoin is basically like using cash—only you can do it online.
So it’s fitting that bitcoin is the currency of choice among online vendors of fake IDs, some of whom now offer discounts to customers who pay that way. Other vendors have gone bitcoin-only, according to a subreddit discussion of popular fake ID sites.
It must be noted that bitcoin isn’t just an underworld currency—in fact, not everyone agrees that it’s currency at all.
Now of course there are lots of reasons why the pay shakes out this way. But by pretty much any standard the work that an excellent teacher does is positive-sum for society — the more great teachers there are the more well-educated kids we’ll have and the better off we’ll all become. By contrast the work that excellent lawyers do mostly consists of zero-sum battles to outwit other excellent lawyers. And yet the work of teachers is much less rewarded financially then the work of people in legal and financial occupations that have lower social returns.
America may have a shot at rejoining the world’s most educated nations by 2025, according to a report released Monday by the Lumina Foundation.
The Indianapolis-based foundation’s annual report finds some encouraging data to counter the familiar story of a nation that is famed for its colleges and universities but trails many other countries when it comes to the percentage of people with a degree beyond high school.
A March 26, 2014 report by the New America Foundation points out that as much as 40 percent of the $1 trillion in student debt outstanding was borrowed not for college, but to pay for grad school. And some 80% of of the debt incurred by students who finished their grad school programs in 2012 wasn’t for people going into medicine, law or business, but for less profitable professions, such as teaching.
Should future teachers be taking out massive loans to get their master’s of education degrees?
It gets worse. The self-reported earnings of art majors from Murray State are so low that after two decades, a typical high school grad will have out-earned them by nearly $200,000. Here are the degrees (i.e.: specific majors at specific schools) with the lowest 20-year net return, according to PayScale. They are all public schools: Bold names are for in-state students.
If I had to pick one study that I think all would-be education reformers should read, it would be a paper that I once found via Bryan Caplan. It’s an old paper – from 1988 – and it’s not even about education. Rather, it’s an examination of why most companies don’t use the sorts of compensation and incentive schemes that a simplistic understanding of economics might imply they do or should. Here’s the abstract…
Most teachers pay for their own graduate school and ongoing professional training, and over 92 percent buy supplies for their students out of their own pockets. But over the past few years, we’ve seen over 60 percent of teachers working second jobs, dining with their children at food banks, and even selling their blood to make ends meet. Examples of such financial stress and strain can be found in every state in the country; quality teachers are walking away from the profession, and salaries are part of the reason they leave.
Is this the way we want any of our teachers to live? Is this what we think will lead students to higher levels of achievement?
What works? It’s not simple. It’s not just more money. Or more choice. Or more tests. Or more organizational innovation. None of those options has succeeded because none has focused on improving instruction in high-poverty schools and developing a successful approach for students to master critical skills.
U.S. public school teachers are the sixth highest paid teachers in the world, according this January 29, 2014 UNESCO analysis (p. 254) that adjusts wages by domestic purchasing power so you can compare different currencies and countries more fairly.