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Showing posts with label University of Pennsylvania. Show all posts
Showing posts with label University of Pennsylvania. Show all posts

Wednesday, December 4, 2024

Use Finiverse to Run a Risk Simulation on College Choices (Wharton School)

Going to college affects your financial future. Finiverse can help you make informed decisions about your education and finances. By simply searching Finiverse.org, you can access free tools from the College Cost feature to the Risk Simulation!

 

Monday, November 4, 2024

Can the newly formed PA Board of Higher Education do much for the People?

In 2024, Pennsylvania has formed a state Board of Higher Education. Can the organization create value for all its citizens and improve the Quality of Life for Pennsylvanians, or is it just another layer of bureaucracy whose major role is to maintain the status quo? 

The Pennsylvania Board of Higher Education is composed of 21 members, representing postsecondary education, government, business, labor and students. Some schools like Penn State, Pitt, and Temple each have a representative. Other institutions, like the state's 15 community colleges and 10 PASSHE schools are represented by one person.

The University of Pennsylvania ($20.9 billion endowment and 1,085 acres of urban property), Carnegie-Mellon University ($2.7 billion and 157 acres of urban property), and other elite private schools are not represented and stand apart from the oversight.

What's the Mission?

There is no mention about how this new Board can make a difference. No progressive ideas or policies have been introduced other than that the organization seeks to ensure that there is no undue competition among the schools. 

Wealth and Want in PA Higher Education 

Pennsylvania has more than 150 colleges, universities, and technical schools. They are all connected by a harsh economic system that promotes increasing wealth and want. Pennsylvania's immense wealth is illustrated in a handful of elite and brand name colleges and universities primarily in and around its two major urban areas: Philadelphia and Pittsburgh. And wealth is demonstrated in their endowments and real estate holdings. 

  • University of Pennsylvania: $20.9 billion and 1,085 acres of urban property
  • Pennsylvania State University: $4.44 billion and 22,484 acres of property statewide
  • Carnegie-Mellon: $2.7 billion and 157 acres of urban property
  • Thomas Jefferson University: $2.3 billion and 100 acres of urban property
  • Swarthmore: $2.2 billion and 425 acres of suburban property
  • Lehigh University: $1.8 billion and 2350 acres of suburban property
  • Bryn Mawr College: $1.6 billion and 135 acres of suburban property
  • Villanova University $1.5 billion and 408 acres of suburban property
  • University of Pittsburgh: $1.1 billion and 132 acres of suburban property
  • Drexel University: $1.1 billion and 96 acres of urban property
  • Lafayette College: $1 billion and 340 acres of suburban property
  • Bucknell: $1 billion and 450 acres of suburban property
  • Duquesne University: $1 billion and 50 acres of urban property
  • Temple University: $750 million and 115 acres of urban property
  • Haverford University: $643 million and 216 acres of suburban property. 
  • Washington and Jefferson: $380 million and 60 acres of small-town property
  • Widener University: $90 million and 216 acres of urban property
  • The differences between life outside of Penn, Temple, and Drexel and other parts of Philadelphia (North and West Philly) are stark.  And the Philadelphia suburbs that include some of the elite schools are reflective of wealth, power, and prestige. Scenes of wealth and want are also apparent in and around Pittsburgh. 

    State universities outside of these urban and suburban areas, aside from College Park, have been declining for more than a decade. The Community College of Philadelphia, a career lifeline for the working class, has one of the lowest graduation rates in the US. The same goes for Harrisburg Area Community College. Pennsylvania also has Lincoln University and Cheyney University of Pennsylvania: two Historically Black Colleges and Universities that have been historically underfunded and serve as lasting symbols of resistance against white supremacy, an ideology still deeply embedded in Pennsylvania's society and economy.

    PA Economy: Growing Inequality and Rural Decline 

    Pennsylvania's economy is diverse yet unsustainable. It consists of traditional industries such as manufacturing and agriculture as well as healthcare, energy, technology, and education. Healthcare (reactive medicine) and energy (fossil fuels), in particular, are expensive for the state and expensive the planet. 

    The problems in Pennsylvania's higher education system extend beyond the schools represented in the new Board. These economic and social problems are persistent and worsening for the working class. Pennsylvania's population is stagnant, increasing slightly in urban areas and declining in rural areas. 

    There is also a demographic cliff with Baby Boomers reaching their 80s (and greater disability) and fewer children being born in the Commonwealth. Children living with Asset Limited, Income Constrained, Employed (ALICE) families is 41 percent.  

    Savage Inequalities in K-12 Education

    Pennsylvania has some of the widest education gaps in the country. A national study found Pennsylvania at the bottom of all states in school funding fairness. Among the 50 states, Pennsylvania ranked 49th in the Black-white opportunity gap, 50th in the Hispanic-white opportunity gap, and 49th in the gap between students from low-income families and their wealthier peers. 

    Unequal Wealth Distribution 

    Pennsylvania is one of the most unequal states in the country, with the top 1% of earners making 21.7 times more than the bottom 99%. 

    The richest people in Pennsylvania are Jeff Yass ($29B), Michael Rubin ($11.5B), Victoria Mars ($9.7B), Arthur Dantchik ($7.3B), Thomas Hagen ($5.2B), Jeff Lurie ($4.9B), Maggie Hardy ($4.1B), Mary Alice Dorrance Malone ($3.7B), John Middleton ($3.7B), and Thomas Tull ($2.9B). 

    The average income of the top 1% is $1,100,962, compared to $50,830 for the rest of the state. Income inequality in Pennsylvania has been worsening since the 1970s. The richest 5% of households have incomes that are 11.7 times larger than the bottom 20%. 

    Over half of Pennsylvania's wealth is concentrated in six counties: Montgomery, Allegheny, Bucks, Chester, Delaware, and Philadelphia. The wealthiest county is Chester, with a median household income of $104,161 in 2020. 

    Regressive Tax Structure 

    Pennsylvania has a flat tax rate of 3 percent, and its corporate tax rate is a flat 8.49 percent and falling. The combined state personal income tax and local earned income tax led to Pennsylvania having the 18th highest income tax burden. Pennsylvania ranked 25th for its total per capita property tax burden. New Jersey, New York, and Maryland had a higher tax burden in both comparisons.  

    Mass Incarceration for Social Control, Deaths of Despair

    Pennsylvania has the highest incarceration rate in the Northeast and the second highest rate in the country when including people on probation or parole. And its correctional system spends nearly $3 billion annually. Black adults make up 46% of Pennsylvania's prison population, even though they only make up 11% of the state's population. The flip side of the coin, deaths of despair (suicide, drug overdoses) are common among the working class in rural and urban areas.  

    Related links:

    "20-20": Many US States Have Seen Enrollment Drops of More Than 20 Percent 

    College Meltdown: NY, IL, MI, PA, VA hardest hit