4,184 research outputs found
The Transition Cost Mirage: False Arguments Distract from Real Pension Reform Debates
By their own estimates, state governments have accrued more than three-quarters of a trillion dollars in pension debt. When combined with municipal pension debt, conservative estimates of the total state and local unfunded liability top $1 trillion. While the global financial crisis and the recession that followed are partially to blame for this huge run-up in debt, structural problems with the traditional defined benefit system and irresponsible policy decisions are also culprits.Annual pension payments were on the rise well before financial markets took a turn for the worse in the fall of 2008. In fact, pension costs have been increasing almost universally since the tech bubble burst in the early 2000s signaling the end of the historic run-up of equity prices that occurred through the 1990s.Given that pension systems rely on investment returns to fund the majority of promised worker benefits, pension costs rise when the economy underperforms. Thus, recent pension cost increases have coincided with sharp declines in tax revenues that followed the financial crisis. This has put immense stress not only on state and local budgets, but also on employee wages and benefits.In the wake of rising pension costs and stagnant or declining budgets, many policymakers have questioned the sustainability of the current system. The accumulated pension debt will take decades to pay off (most states spread debt payments across 30 or more years), increasing cost in the medium- to long-term and leaving plans and worker benefits vulnerable to another downturn. In light of this challenging fiscal situation, many jurisdictions have looked to reform their retirement savings systems. The majority have maintained the traditional defined benefit structure, cutting benefits primarily for new workers, but in some cases for current employees and retirees as well. While these efforts reduce the cost of benefits, they do not address the root of the problem because they maintain the core structure that allowed the pension debt to grow so precipitously in the first place. Other more ambitious jurisdictions have sought to engage in comprehensive reform that will not just cut cost, but will also definitively fix the system, protecting workers and taxpayers alike.As policymakers have considered reforms, many concerns have been raised about transitions to different retirement savings systems. Opponents of reform have sought to derail these efforts by, among other things, claiming that any transition from the status quo would result in significant, unforeseen costs. This paper will briefly describe the major "transition cost" arguments and will explain why those arguments do not survive careful analysis
Enrollment Trends in Northwest Arkansas Charter Schools
Northwest Arkansas is home to nine public charter schools, with plans to open a new charter school for the 2020-21 school year. These schools, which serve unique missions, are some of the most highly ranked schools in the State of Arkansas. While critics argue that public charter schools segregate based on race or academic ability, national evidence finds that these claims are highly context specific. What conclusions can we draw about northwest Arkansas charter schools based on enrollment trends in recent years
A Pivotal Moment: Assessing Houston's Plan for Pension Reform
The Laura and John Arnold Foundation (LJAF) released "A Pivotal Moment: Assessing Houston's Plan for Pension Reform," a report that provides an in-depth analysis of the City of Houston's pension reform proposal currently pending in the Texas Legislature. The report finds that the proposal includes important changes that would help protect workers and taxpayers. The reform plan was developed following discussions between Mayor Sylvester Turner and the Houston Police Officers' Pension System, the Houston Municipal Employees Pension System, and the Houston Firefighters' Relief and Retirement Fund.LJAF Vice President Josh McGee and LJAF Sustainable Public Finance Analyst Paulina S. Diaz Aguirre co-authored the report after analyzing the city's proposal and conducting independent pension modeling. They say that it is incumbent on local leaders and state legislators to work together. "There are just a few weeks left in the 2017 session—and without the ability to make changes to the pension systems on its own—the city is running out of time," the report states. "Without changes, the debt could spiral into a full-scale financial crisis. The city cannot allow that to happen. Its financial future hangs in the balance and will be decided in large part in the next month."Houston currently owes 1 billion in pension obligation bonds to cover the payments. To benefit financially, Houston would need to earn more in the market than it costs to borrow the money. Given the current market conditions, the spread between expected bond interest rates and expected returns is relatively small. Despite the fact that the bonds pose some risk, the report argues that they are a good-faith measure that reflects the city's commitment to upholding funding promises.The report concludes that, "In the short term, the proposal would place the pension plans—and the city—on firmer financial footing. The long-term impact would depend on how the changes are implemented." It also states that Houston should make further changes to establish a comprehensive, permanent solution to its pension problems. This would include creating retirement systems for new workers that are simpler and easier to manage such as a Defined Contribution plan or a Cash Balance plan
Interlibrary Loan of Media Materials— The Tennessee Tech Volpe Library Experience: A Model for Change
The sending of media materials via interlibrary loan is a practice in the library world that is fraught with controversy. On the one hand, the American Library Association’s Guidelines for the Interlibrary Loan of Audiovisual Formats makes a clear case for sharing audiovisual material in all formats. The reality, on the other hand, is more in line with the statement posted by the University of Oregon Libraries on their Interlibrary Loan webpage. In some instances libraries have adopted halfway reciprocal measures. They will loan only to those institutions that will also lend to them, or who are members of a regional or consortial system. While resources are being shared somewhat under these policies, they are still not in compliance with ALA Guidelines. An examination of several randomly selected libraries in the southeastern region revealed policies that ranged from generous to restrictive
A National Agenda of Excellence and Equity for Deaf People of Color
Produced by Center on Disabilities, University of Hawai'i at Manoa, Honolulu, Hawai'i, Frank Sawyer School of Management, Suffolk University, Boston, Massachusetts and
The School of Social Sciences, The University of Texas at Dallas, Richardson, Texas
for The Society for Disability Studies
Did Spending Cuts During the Great Recession Really Cause Student Outcomes to Decline?
Jackson, Wigger, and Xiong (2020a, JWX) provide evidence that education spending reductions following the Great Recession had widespread negative impacts on student achievement and attainment. This paper describes our process of duplicating JWX and highlights a variety of tests we employ to investigate the nature and robustness of the relationship between school spending reductions and student outcomes. Though per-pupil expenditures undoubtedly shifted downward due to the Great Recession, contrary to JWX, our findings indicate there is not a clear and compelling story about the impact of those reductions on student achievement. Moreover, we find that the relationship between K-12 spending and college-going rates is likely confounded with contemporaneous higher education funding trends. While we believe that K-12 spending reductions may have negative impacts on student outcomes, our results suggest that estimating generalizable causal effects remains a significant challenge
K-2 Assessments and Later Student Outcomes
In this brief we examine the characteristics of the districts that selected the various assessments and consider student outcomes both before and after the K-2 vendor selection to see what relationship, if any, exists between which assessment vendor was selected and students academic proficiency and growth
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