The 1% of higher education

After the financial Armageddon, big banks were skewered and continue to be ranked in popularity about as high as used car salesmen and realtors. But where’s the outrage with colleges?

With rampant unemployment, huge drops in real estate value and stagnant wages, somehow many colleges kept raising tuition and continued to pay healthy salaries to the chosen few. And we continue to read about how many colleges, prestigious ones at that, continue to enrich their worlds while paying limited attention to, uh, …students! 

Remember this. There are many extremely hard working teachers and administrators at colleges who make very little money. The dirty little secret of higher education is that it has its own 1%. College presidents, tenured professors and coaches of major sports take home hugely disproportionate salaries. Meanwhile, the backbone of higher education — adjunct professors — are severely disadvantaged.

Just as CEOs have so much power and wealth they can continue to self-perpetuate an unfair system that rewards them excessively, so too is the case with the powers that be at universities. It’s rich that the latter gain their lofty salaries, in large part, because of contributions to universities by the former. Funny how that works.

 

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