David D’Allesandro has a beef with corporate America. D’Allesandro is a guest columnist for the Boston Globe and a former CEO of John Hancock Financial Services. On September 3, 2007, he wrote an op-ed piece for the Globe about how schools go begging while the economy thrives. As he noted:
As a capitalist, I believe in free markets, reasonable tax rates, competition, high compensation for performance and I am all for businesses being incredibly successful. But there is something disturbing – really disturbing – that while Treasury Secretary Henry Paulson recently said, “This is far and away the strongest global economy I’ve seen in my business lifetime,” our public school systems are suffering beyond comprehension.
While the economy appears to be booming, schools do not appear to be reaping the benefits. Many school districts throughout the Commonwealth are being forced to cut services and programs, increase and add fees for things such as sports and bus transportation, and reduce staffing. The National Education Association reports that we are facing a potential nationwide teacher shortage with more than a million teachers retiring in the near future and the need for more than 2 million teachers in the next decade. The NEA also reports that 50 percent of new teachers leave within five years. Among the reasons for this turnover is inadequate pay compared to other professions with the same training requirements.
Earlier this year, the citizens of Franklin had to turn to a proposition 2 ½ override in order to maintain basic services. This followed a five year cycle of budget cutting and curtailed services for municipal and school budgets. In this same timeframe, Goldman Sachs recently stated in US News and World Report that the period 2003-2008 will have been one of the most powerful periods of economic growth globally since accurate data has been collectible for much of the world.
As D’Allesandro observed, we need some of these global profits to trickle down to local budgets. As he stated, “If we are going to be globally competitive and continue to attain record profits in this ever-evolving competitive globalization, that same corporate America has to “cough up” and take more financial responsibility for our greatest asset: our children and their education.”
To view the full article, click here.