A new study says that while college graduates suffocate under a mountain of debt, and college education is cheapened by the mass hiring of part-time, often less-than-qualified adjunct professors, salaries for college presidents and top administrators have skyrocketed.
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From 2009 to 2012, executive compensation at public research universities increased 14 percent to an average of $544,554, while compensation for presidents at the highest-paying universities increased by a third, to $974,006.
This is the same type of problem plaguing K-12 public schools, only to a much larger extent. The vast majority of the university budget is spent on salaries and benefits for big shot administrators and unionized professors with tenure. Meanwhile, tuition and other costs continue to go through the roof at these so-called public institutions and part-time adjunct professors are hired to fill openings.
K-12 schools and public universities get more than enough money to survive and keep student costs modest. They simply have to draw the line when it comes to out-of-control labor costs, even if that means angering a few labor unions.
Authored by Steve Gunn