Posts Tagged ‘Stephen Burleigh’

College and Future Earnings: All About The Benjamins

Wednesday, August 17th, 2011

College and Future Earnings: All About The Benjamins
By Stephen Burleigh

I got a call the other day from a mother who was concerned about her son who is getting ready to apply to college. She’s worried about what he should declare as a major. The good news is that the boy knows what he wants: he wants to get rich, filthy rich. She explained that his view of the world is slightly skewed because where they live all of his friends’ parents are either movie stars or hedge fund managers. (I immediately made a mental note to start hanging out at their local Starbucks.) Her son has decided that his talents are more suited to hedge fund managing than movie stardom. And the investment guys have assured him that the road to hedge fund managing has lower risk and better financial upside – invoking the old Peter Principle if the last couple of years are any indication.

Anyway, her question stumped me. If he had chosen movie stardom the answer would have been a snap. As we all know the road to movie stardom is the road most traveled in college; it is paved with debauchery and narcissism, or as my generation called it – sex, drugs, and rock ‘n roll. (*disclaimer – anecdotal only: the author has no direct knowledge of these indulgences) This called for more than my usual, “Take two aspirin and follow your bliss.”

Fortunately, her call came right after an article written by Beckie Supiano appeared in the Chronicle of Higher Education (http://chronicle.com/article/Education-Pays-but-So-Does/128526/) that summarized a study called “The College Payoff: Education, Occupation, Lifetime Earnings” conducted by three Georgetown professors on lifetime personal income broken down by degree and profession. Physicians and surgeons with professional degrees top the list with lifetime earnings of $6,172,000. Chief executives with a doctoral degree earn $5,131,000, while chief executives with just a masters degree earn $5,160,000, and chief executives with only a bachelors degree have to get by on $4,483,000. Professors with a PhD, like those who did this study, have average lifetime earnings of $2,803,000.

The study does not include move stars or actors, but the average annual salary of an actor in 2010 was $5,000. Johnny Depp made $75 million that year, Ben Stiller made $53 million, and Leonardo DiCaprio made $48 million. Lloyd Blankfein, the ceo of Goldman Sachs, saw his income slip from $68.5 million in 2007 to $13.2 million in 2010.

I’m guessing these luminaries share the same zip code as the mom who called me. These are the outliers, as Malcolm Gladwell might say. But the College Payoff study once again demonstrates that level of education directly correlates to increased lifetime earnings, no matter what your bliss is.

Education Cuts: An Immodest Proposal

Thursday, August 4th, 2011

Education Cuts: An Immodest Proposal
By Stephen Burleigh

We did it! We’re raised the debt ceiling and lowered the deficit. How sweet it is. Now every American will have to tighten his or her belt and do their part. Everybody that is except those welfare parasites who make over $250,000 a year, can’t be trusted on commercial transit, have to resort to private jets, and who risk skin cancer by having to shelter gazillions in profits in climate challenged tax havens like Bermuda or the Cayman Islands. They’re exempt; and that’s a good thing because they’re the job creators.

So while they’re busy creating jobs let’s jump-start the belt tightening and get rid of some jobs. No time to waste. We’ll begin with education, that wasteful entitlement. And to paraphrase Shakespeare’s famous legal advice in King Henry VI, “The first thing we do, let’s kill all the teachers.” Well, let’s at least get rid of the bad apples who are a drag on district budgets and have generally ruined student achievement (learning?) in America’s K-12 schools. Actually, the president’s basketball buddy and Secretary of Education, Arnie Duncan, is ahead of the slash curve. He’s been flying around the country selling his brand of snake oil called Value Added Analysis to evaluate teacher effectiveness, which is then used to ferret out the teachers who are responsible for little Johnny’s poor performance on standardized tests. Looks like a sure fire way to catch those slacker teachers who’ve been gaming the system for their $52,674 a year salaries (www.salary.com 08/2011). Unfortunately, Arnie and his surrogates who run school districts haven’t yet refined the value-added formula to account for variations in race and poverty among elementary school students. Decisions are made in a fog of regression analysis. The District of Columbia Public Schools refused to give 8th grade teacher Sarah Bax their algorithm for determining her value added score because…shhhh…it’s a secret. So I’ll just cut to the chase and give you the secret value-added formula used to determine which elementary teachers stay and which ones go in Houston, Texas: y = X? + Zv + ? where ? is a p-by-1 vector of fixed effects; X is an n-by-p matrix; v is a q-by-1 vector of random effects; Z is an n-by-q matrix; E(v) = 0, Var(v) = G; E(?) = 0, Var(?) = R; Cov(v,?) = 0. V = Var(y) = Var(y – X?) = Var(Zv + ?) = ZGZT + R.

Come on people! Moody’s and Standard & Poor are holding the sword of Damocles over our national credit rating. We need to act now. We can’t take the time to master quantum physics just so some out-of-work 4th grade teacher can tie us up in litigation for the next ten years. We have to dump salaries pronto; do more with less. But how?

I propose we use the same system in lower education for separating the wheat from the chaff that we do in higher education: Student Evaluations of Faculty (SEF). SEF at colleges has professors on the run: bad SEF, no tenure for you, doc. And if cutbacks are in the wind, negative SEF’s will trim your sails – hasta la vista el professore. Professors fear the almighty SEF so much that they hand out A’s and B’s like candy. The good news is that grade inflation is rampant at both public and private universities so gpa’s are way up, and the amount of homework is down. Transcripts tell us college students are learning and achieving at record levels. Studies tell us the opposite is true. In Academically Adrift: Limited Learning on College Campuses (University of Chicago Press, 2011), Richard Arum and Josipa Roksa, found that:

Increasingly, time-pressured college teachers ask themselves, “What grade will ensure no complaint from the student, or worse, a quasi-legal battle over whether the instructions for an assignment were clear enough?” So, the number of A-range grades keeps going up, and the motivation for students to excel keeps going down.

The common wisdom, for the untenured, at least—whether it is true or not—is to find ways to keep the students happy: Expect little, smile a lot, gesture freely, show movies, praise them constantly, give high marks, bring cookies on evaluation day.

That’s how the big boys do it in higher education. Like Congress they let special interests dictate decisions on major issues. They ask the kids. We could do it in K-12 and save the money we now spend on value-added consulting firms and avoid all that objectivityishness. In fact, there’s already a website called RateMyTeachers that allows kids and parents to rate their teachers. It’s free. Teachers are given a score of 1 to 5 on: Overall Easiness, Overall Helpfulness, and Overall Clarity. Students may also comment. Here are some random examples. I’ll let you play Donald Trump and decide the fates of these teachers.

“Man this guy is the best teacher even better than Fujita he took the whole class to burger king and paid he understands us teens of how boring school can get so he makes it fun.”

“Mrs. C may not be the best teacher, but she’s definitely better than people say she is.”

“Way to hard. Since it is that hard, I did not learn anything even though I thought I understand what I suppose to do.”

“A very good teacher. Is very helpful. Has a nice ghetto booty.” (no way this one gets away)

We’re not going to raise taxes, or reinstate previous tax rates to maintain Title I commitments to pay for our future. We’re demonizing teachers and their representatives in the name of raising test scores so we can lower the bottom line. We’re devising arcane and flawed formulas to do what administrators apparently are unable to do; decide who stays and who must go. We’re paying tax dollars to consultants and think tanks to provide the data, even as those experts acknowledge that America’s most intractable problems – race and poverty – cannot be accurately quantified, though teachers deal with the effects in the classroom every day. We’re increasing class size and eliminating proven educational services like arts and counseling. Why not turn the decision making over to the kids? We had our “adult conversation”. How’s that working out?

College Grade Inflation and Me

Thursday, July 28th, 2011

College Grade Inflation and Me
By Stephen Burleigh

I’m not too confident that I’m smarter than a fifth grader. Probably not. However, we now have irrefutable proof that I am smarter than my two adult sons. For the past two or three decades I’ve struggled with the uneasy feeling that they outpaced me intellectually. My youngest son is a professional musician who plays several instruments well and was born with the math gene; and his older brother is a true man of letters who chose the sordid life of professional playwright and screen writer over the ivy halls of academia. For many years the subject of who was smarter was a taboo in our family because I convinced them it was irrelevant as long as I could still kick their butts. Those days are long gone. Sure they whipped me in chess, even checkers, and the stack of serious fiction and non-fiction next to their beds towered over my wimpy pile of New Yorkers. I hated having to ask for help on the Sunday Times crossword from those ungrateful mini-Einsteins.

But now we know the truth. And I feel great. Researchers Stuart Rojstaczer and Christopher Healy have completed a study on grade inflation at over 200 four-year colleges and universities. Their study was published in the The Teachers College Record. (http://www.tcrecord.org/content.asp?contentid=16473) You can read an excellent summary of their findings by Catherine Rampell in the New York Times (http://economix.blogs.nytimes.com/2011/07/14/the-history-of-college-grade-inflation/?scp=2&sq=catherine%20rampell&st=cse)

The bottom line is that the percentage of A’s awarded in college has skyrocketed. Rampell reports, “43 percent of all letter grades given were A’s, an increase of 28 percentage points since 1960 and 12 percentage points since 1988. The distribution of B’s has stayed relatively constant; the growing share of A’s instead comes at the expense of a shrinking share of C’s, D’s and F’s. In fact, only about 10 percent of grades awarded are D’s and F’s.” Back in the day, back in my day, it was much harder to get an A. Not only did I have to walk ten miles through rain and snow to get to my classes every morning, I had to really work for that pat on the back. Not like those two slackers who ate all my ice cream and breezed to class on their skateboards.

Moreover, private colleges give out a much higher percentage of A’s and B’s than public universities. In fact at private colleges 86% of all grades given out are A’s and B’s, compared to 73% at publics today. And guess who went to a big public university and guess who went to fancy pants private colleges?

I graduated from a big public university at a time when the A was still the holy grail. And I got a bunch of ‘em. And those boys went to private colleges when anybody with a heartbeat could get an A in discreet math or semiotics. Thanks to Rojstaczer and Healy the jury is in and we now have confirmation that my generation of A getters is smarter than my kids’ generation of over achievers. ‘Nuff said. QED.  Now if I could just remember where I left my glasses.