Sunday, May 22, 2011

Do the Math: Levittown and Llod Blankfein

In today's New York Times, Michael Sokolove has a deeply sad piece on the budget cuts to education in his hometown of Levittown, PA. The school system, which has worked hard to improve (as measured by standardized tests) over the past ten years by offering a range of programs, will face teacher layoffs and cuts to programs in the arts. No one is fighting about it, no one can pretend this will be good for the children of Levittown, but they have no choice. Everyone is struggling.

Sokolove writes: "Bristol Township faces a nearly $10 million shortfall for next year in a total school budget of $123 million, figures that place the community in circumstances common to hundreds of school districts across the nation. They are facing steep cuts in state education financing and depressed local tax revenue, in part from home foreclosures."

A 10 million dollar shortfall.

In January of 2011, Lloyd Blankfein, CEO of Goldman Sachs, received a 12.6 million dollar stock bonus, up from nine million the year before. Between 2000 and 2010, Blankfein received around $125 million in cash bonuses.

I hate to just leave the facts there like that, but I can't figure out anything snappy to say about them.

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