Leftist demagogues frequently denounce CEOs for allegedly making more than enough money. Yet you don’t hear them complaining about the fattest hogs gorging at the government-subsidized trough formerly known as higher education:
College presidents on average earn $377,261 annually, or more than twice the average pay for CEOs, who take home about $176,840 on average each year, according to new research from the Federal Reserve Bank of Cleveland.
At the same time, American students face ever-increasing tuition bills, with the growth in college costs for years dwarfing the rate of inflation.
As a generation digs itself ever deeper into debt for education of deteriorating quality, it isn’t only the college presidents who ride high on the gravy train:
While the president is just one employee of a college, he or she represents the tip of the iceberg in terms of administrative pay. The bigger question, the researchers note, is whether reducing total administrative salaries would help to put a brake on rising college tuition.
Previous research indicates that there may be a link between a college president’s high pay and a student’s debt load. Graduates of state universities with the highest-paid presidents typically end up with higher debt loads than the average state university graduate, the Institute for Policy Studies found in 2014.
The study also found that schools with highly compensated administrators tend to reduce scholarships and rely on low-paid faculty labor such as adjuncts, rather than full-time professors.
Regarding the starting compensation offered prominent Democrat Big Sis Napolitano, when she became UC president in 2013,
The University of California has leased an Oakland residence for incoming system president Janet Napolitano for $9,950 a month, officials said Monday. Napolitano, the former U.S. secretary of Homeland Security and former governor of Arizona, will be provided the housing plus an annual $570,000 salary, $8,916 a year for car expenses and $142,500 for one-time relocation costs.
Yet not a peep from social justice warrior Shrillary Clinton, who finds it intolerable that CEOs are paid the compensation determined by their value on the free market. Shrillary herself makes $15 million per year, without offering society any benefit in return.
On a tip from Jester.