James Carr: I don't envy the job the new board members are walking into. They will need our help and support to deal with the resistance that they will undoubtedly encounter.

From James Carr

September 5, 2022

As I read the post by Thomas Curtis concerning the STRS cash flow it made my head spin. I am, to put it mildly, not very good at math, but the numbers are pretty plain. STRS is losing 15 million dollars a day.

Part of the problem is perception. STRS has created an optical illusion and it doesn't look like it's losing 15 million dollars a day. It certainly doesn't act like it, either. If a private corporation was bleeding 15 million dollars a day, would the board of directors give the employees a 6% raise and a generous boost of their fringe benefits? Would it reward middle management with millions of dollars in bonuses? Would the stockholders be expected to sit by idly as the value of their investments plummeted or would they demand action to remedy the poor performance?

The STRS hasn't been fulfilling it's financial obligations for a long time (and yes, I do consider the promised COLA to be a financial obligation).

Unfortunately, you'd never know that STRS is in deep financial trouble by looking at the stately palace they reside in and the business-as-usual routine they continue to maintain. STRS management and staff just keep humming along, getting generous raises, huge bonuses, and fantastic perks while teachers hang on by the skin of their teeth.

I don't envy the job the new board members are walking into. They will need our help and support to deal with the resistance that they will undoubtedly encounter.