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Saturday, March 13, 2010


"IF You Are Going To "Demonstrate"

Every state is in a money grab for revenues because we're all suffering during the Great Depression II. 

Cathy Cox Georgia State Superintendent of Schools has proposed a 50% increase in Georgia Lottery ticket prices.

Mrs Cox may want to take a serious look at salaries of university employees before reaching into lottery players' pockets. 


"IF You Are Going To "Demonstrate"....

Tuesday, March 9. 2010
Posted by Karl Denninger in Education at 19:56

Source The Market Ticker

"Then aim your "demonstrating" at the people who are bankrupting your state - and you personally.

I speak specifically of people such as those that The Daily Illini pointed out - all employees for the University of Illinois.

Let's see what we have here....

The head of the football team - the coach - makes $1 million.  For coaching a college football team.

The "intercollegiate (sports) director makes $600,000.

The President of the University is just $50 large shy of a half-million.

A large number of Deans and Professors make $250,000 - or more.

Indeed, I have to get eight pages into this list before I drop below $200,000.

Oh, we also have two Lieutenants in the Police Department that make $192,545 - each - per year.  Handing out tickets to scooter riders without helmets and issuing University Parking Citations (probably more than $200,000 worth of those) I'm sure.

Now maybe you can justify how it is that these fine bastions of American Government Employment earn these bloated salaries. 

I will point out some demographics to readers for Champaign-Urbana, Illinois, where the University happens to be.

The median home price is $159,900, which the top fifteen pages of these employees can afford to pay cash for with one year's salary. 

The median income for a family is $52,628, while per-capita income according to the BEA is $31,354.  Fewer than FIFTEEN PERCENT of the persons on the University Payroll make equal to or less than the median per-capita income for the city.

Oh, and let's not discuss retirement benefits.  Legacy pensions anyone?  How about medical care once one retires.  And speaking of which, what's the retirement age?

There has been much written about overblown pensions, double and even triple-dipping and similar games.  But this table, nicely sortable by salary, makes quite clear exactly who the system employs and how much they pay - and that the pay is, shall we say, ridiculous compared to the average private-sector prevailing wage.

This much should be clear: If you're curious about why you're being bankrupted with parabolic tuition and fee increases along with demands to take on outrageous amounts of debt to get a so-called "college education", you might discern from the above that the only "educating" you're getting in the UofI system is how to hold still while you're bent < snip>.

What you, Dear Student, who is being given the whaaaaambulance treatment by the Administration (the folks making those six-figure salaries that are all radical multiples of the average living wage in your town) do about that "education" is, of course, up to you."

Very enlightening. Hope they have been tucking their money away in their mattresses because the lecture halls will soon be empty. In this economic/political climate there is no need for higher education. That time would be better spent at attaining practical knowledge, such as SURVIVAL.
Rick - I agree.
Thanks Rick and Em! I agree with you both.

Since everyone else is taking salary, benefits, retirement reduction .... or even losing them all including their homes, university salaries, benefits and retirement packages also need to take a haircut. Governments are going to have to function within their capacity according to declining revenues and learn the lesson they can't be everything to everyone.
And look at what the local Board of Ed cuts!!!   School bus drivers and teachers, that's what they cut. Not a single $250,000/year PhD gets the boot and the Super intendent gets a pay raise after laying off 100 teachers and 10 bus drivers.
Like I always say, if government got every penny earned by everyone during the year, there still would not be enough money for them. They would want more.
Thanks Gasmeterguy! That's what's happening here, cuts at local levels. I don't know for sure if they've cut university salaries in Georgia but my bet is if so not to the bone like they should.

Agree with your last statement, they're so arrogant they believe they know how to better spend it than the people who earn it and employ them via tax revenues.
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