[Peace-discuss] Fwd: [Marxism] Student Debt Grows Faster at Universities With Highest-Paid Leaders, Study Finds

[via Peace-discuss]

I saw an amazing statistic that the Revenue  the US Government receives
from interest payments in the Education Loan system is more than double the
profit of Royal Dutch Shell Oil company, the world's most profitable
company.


   	-------Original Message-------
 From: Carl G. Estabrook via Peace-discuss
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 To: peace-discuss at anti-war.net
 Subject: [Peace-discuss] Fwd: [Marxism] Student Debt Grows Faster at
Universities With Highest-Paid Leaders, Study Finds
 Sent: May 19 '14 12:56


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From: Louis Proyect <[LINK: mailto:lnp3 at panix.com] lnp3 at panix.com>
Date: May 19, 2014, 8:15:39 AM GMT+08:00
To: "C. G. Estabrook" <[LINK: mailto:galliher at illinois.edu]
galliher at illinois.edu>
Subject: [Marxism] Student Debt Grows Faster at Universities With
Highest-Paid Leaders, Study Finds
Reply-To: Activists and scholars in Marxist tradition <[LINK:
mailto:marxism at lists.csbs.utah.edu] marxism at lists.csbs.utah.edu>


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NY Times, May 18 2014
Student Debt Grows Faster at Universities With Highest-Paid Leaders, Study
Finds
By TAMAR LEWIN

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
([LINK: http://www.ips-dc.org/reports/one_percent_universities]
http://www.ips-dc.org/reports/one_percent_universities) 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 co-authors, Andrew Erwin and Marjorie Wood, found that administrative
expenditures at the highest-paying universities outpaced spending on
scholarships by more than two to one. And while adjunct faculty members
became more numerous at the 25 universities, the share of permanent faculty
declined drastically.

“The high executive pay obviously isn’t the direct cause of
higher student debt, or cuts in labor spending,” Ms. Wood said.
“But if you think about it in terms of the allocation of resources,
it does seem to be the tip of a very large iceberg, with universities that
have top-heavy executive spending also having more adjuncts, more tuition
increases and more administrative spending.”

Since the 2008 financial crisis, the report found, the leaders of the
highest-paying universities fared well, largely at the expense of students
and faculty.

“Like executives in the corporate and banking sectors, public
university presidents weathered the immediate aftermath of the fall 2008
financial crisis with minimal or no reductions in total
compensation,” the report said.

While the average executive compensation at public research universities
increased 14 percent from 2009 to 2012, to an average of $544,554,
compensation for the presidents of the highest-paying universities
increased by a third, to $974,006, during that period.

The Chronicle of Higher Education’s annual survey of public
university presidents’ compensation, also released Sunday, found that
nine chief executives earned more than $1 million in total compensation in
2012-13, up from four the previous year, and three in 2010-11.

The median total compensation of the 256 presidents in the survey was
$478,896, a 5 percent increase over the previous year.

But, The Chronicle found, chief executives were hardly alone among the
highest-paid public university officials. Athletic coaches made up 70
percent of the public university employees earning more than $1 million
last year, and medical doctors another 20 percent.

As in several past years, the highest-compensated president, at $6,057,615
in this period, was E. Gordon Gee, who resigned from Ohio State last summer
amid trustee complaints about frequent gaffes. He has since become the
president of West Virginia University.

In the study by the Institute for Policy Studies, Ohio State was No. 1 on
the list of what it called the most unequal public universities. The report
found that from fiscal 2010 to fiscal 2012, Ohio State paid Mr. Gee a total
of $5.9 million. During the same period, it said, the university hired 670
new administrators, 498 contingent and part-time faculty — and 45
permanent faculty members. Student debt at Ohio State grew 23 percent
faster than the national average during that time, the report found.

Others on the “most unequal” list were Pennsylvania State
University, the University of Minnesota, the University of Michigan and the
University of Washington.
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