it's a 'Loot students and parents to pay for pensions' industry.
As parents and students start writing checks for the first in-state tuition hike in seven years at the University of California, they hope the extra money will buy a better education.
But a big chunk of that new money — perhaps tens of millions of dollars — will go to pay for the faculty’s increasingly generous retirements.
Last year, more than 5,400 UC retirees received pensions over $100,000. Someone without a pension would need savings between $2 million and $3 million to guarantee a similar income in retirement.
Bad enough, right?
But wait! There's MORE!
The number of UC retirees collecting six-figure pensions has increased 60% since 2012, a Times analysis of university data shows. Nearly three dozen received pensions in excess of $300,000 last year, four times as many as in 2012. Among those joining the top echelon was former UC President Mark Yudof, who worked at the university for only seven years — including one year on paid sabbatical and another in which he taught one class per semester.
So, how'd it get this bad? I'd say because a bunch of people figured "We can always scr- ah, make the students pay for it."
UC’s pension problem, while not unique, is distinctly self-inflicted. In
1990, administrators there stopped making contributions for 20 years,
even as their investments foundered, leaving a jaw-dropping bill for the
next generation — which has now arrived.
Kids, you want to fix this? Screw college, get a job in the skilled trades. Yeah, you'll get hot and dirty in some of them, but you know what?
Dirt and sweat wash off. And when you've cleaned up, and go out somewhere, your money spends just as well as that of someone stuck in a cubicle farm, and you'll have much more of it than some multi-degreed barista. AND you'll have the pleasure of not paying for hundreds of thousands in student loans to support the parasites running the colleges.
If you're not sure how to get started looking for that kind of training and work, I suggest get hold of this guy.