20 cash-starved public colleges drafting bankruptcy plans thanks to Bobby Jindal’s budget
Source: RawStory/The Times-Picayune
Louisiana State University (LSU) said this week that it had been forced to start planning for bankruptcy in response to Gov. Bobby Jindals (R) budget. And its just one of as many as 20 campuses that were starting the process.
LSU President and Chancellor F. King Alexander told The Times-Picayune that his administration had begun the process of declaring financial exigency which is essentially an academic bankruptcy after the state Legislature and Jindals administration had failed to close a budget gap. We dont say that to scare people, Alexander explained. Basically, it is how we are going to survive.
According to the paper, Moodys Investors Service has already downgraded the universitys credit outlook, meaning that it would have to pay more to borrow money. It was also expected to make it more difficult to recruit staff.
Youll never get any more faculty, Alexander pointed out.
-snip-
Read more: http://www.rawstory.com/2015/04/20-cash-starved-public-colleges-drafting-bankruptcy-plans-thanks-to-bobby-jindals-budget/
marmar
(77,086 posts)ChairmanAgnostic
(28,017 posts)and LA seems to love to slather it on everywhere.
Besides, this follows Jindal's mission to create a state filled of obedient, sheeplike, christian followers who would never question their betters. Education only teaches kids to ask hard, even embarrassing questions.
liberal N proud
(60,339 posts)From schools to the post office and everything in between, they want to break them to the point where they can no longer function. Then their suitors can pop in snap up the assets at bargain prices if not for free and build a for profit business for themselves.
This is happening in many places in the US where the republicans have starved the institutions for which they are responsible for. Some have managed to survive and find new ways to do business.
kairos12
(12,866 posts)campaign contributors. One percent Randian economics.
appalachiablue
(41,168 posts)and upgrade degraded, old and unsafe roads, highways., bridges, water and sewer systems. Intentionally let them deteriorate so the private sector can buy them up cheap and take over. Cynical and corrupt beyond belief.
DonViejo
(60,536 posts)in which the reporter asked Jindal why his poll numbers were tanking so badly. Jindal responded, "because I've done what the people of Louisiana elected me to do."
d_legendary1
(2,586 posts)that he's not lying. He told his constituents that he was going to destroy the state and he's a man of his word.
annabanana
(52,791 posts)goddam pinkos...
d_legendary1
(2,586 posts)AKA Charter Schools, fly-by-night colleges, etc.
turbinetree
(24,710 posts)the budget ----------------right, by bankrupting the education system, the backbone for job creation, moving ahead in wages, and basic respect to having the education system for everyone being treated equal----its called respect and this, twit Jindal has ----no respect-----except to his oligarch's that want to buy the institutions and make them in a for-profit system of greed.
By taking the PUBLIC funds and putting that money into there pockets and then whining that the educational system is failing, and the citizens of this state keep voting in hypocrites promising them to cut taxes------right------ they are putting your children in the poor house because they can't get a education, just like the other right wing hypocrite's in the Wisconsin governor and legislature and courts, doing the same tactic, so I want to give a shut out to the citizens of that state also-----great job----just like Louisiana.
Your right wing legislature Louisiana from the inception of the corruption in your history think the Slaugherhouse ruling by the U.S. Supreme Court
Paladin
(28,269 posts)Lotsa luck, Piyush......
RT Atlanta
(2,517 posts)those cajuns love them some SEC football (really good program).
However, I believe you can rest assured knowing that the football program will be in safe hands, will survive and likely prosper, regardless of what happens to the academic side of the institution.
okaawhatever
(9,462 posts)$7 million to the education sector of the school. Hurting the football program hurts the school.
n2doc
(47,953 posts)It will never be touched by any cuts. Its budget is essentially separate from that of the academic institution.
bluedigger
(17,087 posts)When LSU starts losing to Vandy they'll see the light.
n2doc
(47,953 posts)So I don't see LSU's football program going down because of this. Wishful thinking.
The smaller school athletic programs, however, will get hit. How much this causes people to care, I don't know.
bluedigger
(17,087 posts)I'm not saying that it will cripple the program overnight, but it puts the program at a competitive disadvantage over the long term. Until a new administration turns things around, Ole Nick Saban is grinning.
TexasMommaWithAHat
(3,212 posts)The team will still continue to attract top notch players. In fact, LSU didn't do so well last season because more LSU players were drafted into the NFL than from any other university at the end of the previous season. Baton Rouge is Recruit Central for the NFL.
geek tragedy
(68,868 posts)In terms of priorities, if Lousianans valued education as much as they did football, it would be a much different place.
Paladin
(28,269 posts)Historic NY
(37,452 posts)unless it pay to play.
okaawhatever
(9,462 posts)the state or university to renegotiate things like retirement funds or tenuere guarantees. Think Detroit. I genuinely believe this is one of the reasons. Yes, he doesn't value education and is likely trying to send money to for-profit education, but I can't ignore how unions have been targeted by the right and this follows their goals. If Jindal can get rid of tenured professors and replace them with conservative professors, the right will go a long way in meeting one of its goals. Look at how many GOPers have left politics to take up roles as state university presidents. Off the top of my head I'm thinking of Texas and Indiana.
lutefisk
(3,974 posts)Unions- gone. Tenure- written out of existence in the current budget. State funding- cut to the point faculty, staff, and programs are being cut dramatically. And there is much more.
In related news, Walker is eliminating the state board that oversees private, for-profit "colleges" in Wisconsin by sneaking it into the current state budget, even though that board actually makes money for the state through fees charged to the private schools. Wisconsin will have virtually no oversight at all over these predatory for-profit "schools".
okaawhatever
(9,462 posts)their charter schools. They haven't eliminated the board that approves them, but they've rigged it so that 1. it is staffed with the current Governor's appointees and 2. They only answer to the Governor 3.The current appointees won't be gone until most of the charter schools are approved.
I don't know what they're doing with the for-profit colleges, but it's probably something similar to the WI deal. After all, they're both playing by the same Koch playbook.
Enthusiast
(50,983 posts)aggiesal
(8,921 posts)what did they think was going to happen?
People like Jindal want NO government.
If that means closing public schools and universities, so be it.
Their way of thinking is "We'll just turn them into profit centers."
hughee99
(16,113 posts)don't want to touch?
City Lights
(25,171 posts)He's doin' it his way.
central scrutinizer
(11,659 posts)or you can invest in the future of millionaires and hope that they don't just move all of the money to off shore accounts.
riqster
(13,986 posts)Beowulf42
(204 posts)This is proof positive that the only god Americans worship is the god of money. Their acts are a violation of the public trust, and the most astounding part of that is that it appears they will pay no price in the end for stripping our infrastructure of its assets and impoverishing all of us.
CanonRay
(14,111 posts)Economic. Social. Environmental. You name it.
Grins
(7,226 posts)No reason to invest federal money in a losing institution.
Say good-bye to all those federal bucks and suffer, LSU. And you can also say good-bye to the faculty working on those programs. No reason for them to stick around. And the graduate students, too, who also benefit from them. And local economies in the state can kiss good-bye any technologies that come from that research that would be available to the public.
And you too, Univ. of Wisconsin. You should lose all your federal funds, too, as you are now an unreliable institution. And you can thank Scott Walker and his $300 million cut to one of the best university systems in the world for that.
(The University of Wisconsin-Madison got more that a half-Billion in federal R&D grant money. That represents 53% of the university's total research budget. And Wisconsin is #9 among the top 10 schools getting those damn 'Sochilust!' federal dollars.)
Turbineguy
(37,361 posts)is a republican nightmare.
yurbud
(39,405 posts)except maybe giving our tax money to the rich.
Thespian2
(2,741 posts)another job well-done by the GodOffalParty in action.
valerief
(53,235 posts)jtuck004
(15,882 posts)state funding at LSU would drop from $3,500 per undergraduate student to $660 per undergraduate student."
There is no difference between this and someone pulling a gun on a police officer to kill them.
In this case it appears the victims, nearly an entire state in population, are too subservient to notice.
WillyT
(72,631 posts)Response to DonViejo (Original post)
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