Chew on this on this fine weekend morning: would you rather have $500,000 in your hand or have a completed degree from a 4-year college of your choosing? What about any school outside the Top 25?
UPDATE: Tyler Cowen shares this with us:
Data available from the UC Office of the President shows that there were 2.5 faculty members for each senior manager in the UC system in 1993. Now there are as many senior managers as faculty. Just think: Each professor could have his or her personal senior manager.
And there is this:
A report on administrative growth by the UCLA Faculty Association estimated that UC would have $800 million more each year if senior management had grown at the same rate as the rest of the university since 1997, instead of four times faster.
What could we do with $800 million? That is the total amount of the state funding cuts for 2008-09 and 2009-10, and four times the savings of the employee furloughs. Consider this: UC revenue from student fees has tripled in the last eight years. The ratio of state general fund revenue to student fee revenue in 1997 was 3.6:1. Last year it was 1.9:1. If we used that $800 million to reduce student fees, the ratio would go back to the 1997 value. To put another way, it could pay the educational fees for 100,000 resident undergraduates.
You know what needs to be Occupied. Sadly it will never happen.