Yes, Virginia, Medicaid Expansion Will Harm the Poor

Last week, Virginia’s general assembly voted to expand Medicaid under the auspices of Obamacare. The commonwealth’s legislators had wisely resisted doing so for years, but four GOP state senators broke ranks to vote for this bill in exchange for a provision stipulating an anemic work requirement. The “news” media have, of course, touted this betrayal as a victory for the poor. It is however, precisely the reverse. Expansion will consign thousands of truly poor and disabled Virginians to purgatorial Medicaid waiting lists while advancing able-bodied adults with incomes above the federal poverty level (FPL) to the front of the line.

Why would Virginia pursue such an obviously unjust policy? Like all Democratic programs, it’s about power and money. Obamacare incentivizes expansion states to shift Medicaid’s focus to able-bodied adults by paying over 90 percent of their coverage costs, while the federal share of costs for traditional Medicaid patients remains below 60 percent. This does not mean, however, that doctors and hospitals will receive more money. Providers will continue to be paid less by Medicaid than the cost of treatment whether the patients are expansion or traditional enrollees. The extra money will go to political slush funds and insurance companies.

Medicaid expansion doesn’t work like the original program, which was administered by the states as a safety net for poor children, pregnant women, the disabled, and the elderly. Management of Obamacare’s corrupted version of the program is farmed out to insurance companies. A typical example is Wellcare, which accrued over $10.6 billion in 2017 from its coverage of able-bodied adults. The company plans to reinvest $2.5 billion of that revenue in the acquisition of Meridian Health Plans of Illinois and Michigan, which will increase its Medicaid portfolio by 37 percent. Meanwhile, truly poor patients die on waiting lists.

This is not conjecture. A recent study, conducted by the Foundation for Government Accountability (FGA), revealed that at least 21,904 Americans have withered away and died on Medicaid waiting lists in the states that expanded the program under Obamacare. Even worse, the 21,904 figure reported in the study almost certainly understates the true death toll. A number of expansion states were somehow “unable” to provide FGA with death totals, while others implausibly claimed that there were none to report. It is nonetheless clear that Medicaid waiting lists in expansion states constitute a kind of death row for the genuinely poor.

The worst carnage has occurred just north of the Beltway. Maryland is easily the deadliest state for traditional Medicaid applicants, chalking up no fewer than 8,495 deaths among individuals languishing on its waiting list. During the same time period, even as these patients were left to die, the bureaucrats of the Old Line State enrolled very nearly 300,000 able-bodied adults under the aegis of Obamacare. Louisiana took second place in killing its traditional Medicaid patients. The Pelican State reported 5,534 deaths among the unfortunates who wound up on its waiting list, while 451,000 able-bodied adults were enrolled under Obamacare’s expansion.

Additional states whose Medicaid waiting lists have killed a thousand or more people include New Mexico, where 2,031 poor and disabled patients died while the state signed up 259,537 enrollees under Obamacare’s expansion scheme. Michigan left 1,970 of its residents to die while enrolling 665,057 in its new and improved Medicaid program. West Virginia allowed 1,093 patients to die on its waiting list while signing up 181,105 able-bodied enrollees. The remaining expansion states are mere also-rans with death tolls ranging from Iowa’s paltry 989 down to Minnesota, which managed to leave only 15 of its poor and disabled citizens for dead.

This is the august company Virginia’s General Assembly chose to join last week. The Old Dominion will become the 33rd state to take Obamacare’s Medicaid expansion bait, demonstrating that the commonwealth’s politicians have learned little or nothing from the deadly experiences of the previous states that were gaffed by their own greed. Those Medicaid expansion states still have nearly 250,000 poor, disabled, and elderly individuals wasting away on waiting lists. Yet Obamacare advocates in Utah, Idaho, and Nebraska — blissfully unaware of the death tolls quoted above — are working to pass expansion in November via referenda.

Maine activists have already tricked the voters of the Pine Tree State into passing a referendum approving expansion, but the program hasn’t been implemented because Governor Paul Lepage has refused to go forward: “My administration will not implement Medicaid expansion until it has been fully funded by the Legislature at the levels DHHS has calculated, and I will not support increasing taxes on Maine families.” This speaks to one of expansion’s most profound ironies. Even if Washington continues footing most of the bill, herding the able-bodied into Medicaid is a budget buster for the states. It nearly broke Maine the last time they tried it.

Medicaid expansion under Obamacare privileges able-bodied adults with incomes above FPL, states can’t pay for it in the long haul, and it causes the genuinely poor to be dumped onto waiting lists where they quietly die in their thousands. Yet the Old Dominion’s newly-minted Governor, Ralph Northam, will gleefully sign an expansion bill into law this week as the leaders of his party and the media beam benevolently from on high. His name may even be uttered by the Great Mentioner as potential presidential material. For any Democrat, that’s certainly well worth a little inequity, the occasional budget deficit, and a few thousand human sacrifices.

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UnitedHealth Group Inc (UNH) Stake Raised by Pictet & Cie Europe SA

Pictet & Cie Europe SA grew its holdings in shares of UnitedHealth Group Inc by 16.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,879 shares of the healthcare conglomerate’s stock after buying an additional 5,643 shares during the period.

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New Hampshire Senate Rejects Occupational Licensing Bill

The New Hampshire Senate Executive Departments and Administration Committee rejected a bill that would have created a state commission for reviewing occupational licensing rules.

The committee voted to reject House Bill 1685 (H.B. 1685) on April 5. The state House of Representatives had approved the bill in March.

Opportunities Squashed

H.B. 1685’s sponsor, state Rep. Bill Ohm (R-Nashua) says his bill could have helped people get  jobs and lift themselves out of poverty and drug addiction.

“New Hampshire has an interesting dichotomy,” Ohm said. “We have extremely low unemployment but high levels of opioid addiction. We have perhaps 15,000 recovering opioid addicts sidelined from our workforce, and a need for able-bodied working adults. One part of the bill was to make New Hampshire ‘recovery friendly’ by requiring licensing boards to determine, in advance, whether an individual’s criminal record would disqualify that individual from obtaining the appropriate license.”

Ohm says H.B. 1685 would have created opportunities for those seeking to better themselves.

“The intention of the bill was to increase employment opportunities for those who wish to work,” Ohm said. “It does that by starting a process to review all occupational licensing over a five-year period to see if the current laws are appropriate.”

Hoped to Cut Cronyism

Ohm says many occupational licensing rules reflect obvious cronyism.

“Some professions, such as cosmetology, require more than 1,000 hours of training to get an appropriate license,” Ohm said. “The expense of that training serves to discourage job seekers who wish to enter that profession, and seems to primarily benefit those who wish to restrict additional competition. If an EMT can qualify for a license with 40 hours of training, is cosmetology that much more dangerous to public health and safety?”

‘Little Public Purpose’

David Harrington, an economics professor at Kenyon College, says his research has led him to conclude occupational licensing needlessly increases the prices of goods and services.

“Most of my studies of occupational licensing involve the funeral industry,” Harrington said. “I have found evidence that more stringent requirements to become a funeral service worker increase funeral prices paid by consumers and reduce the likelihood that they choose cremation, because funeral directors persuade many of them to purchase a more expensive, traditional earth burial.”

Ohm says many government occupational restrictions have little real benefit for the general public.

“Licensing is certainly appropriate for occupations that put the health and safety of the public at risk, such as medical professionals, but other licensed professions, such as an athletic trainer or an auctioneer, seem to involve little public risk,” Ohm said. “Requiring a state license to enter certain professions seems to create a high barrier to entry with little public purpose.”

Disparate Impacts

The burden of government permission slips is especially heavy for women and ethnic minorities, Harrington says.

“Women are less likely to be funeral directors in states that require all funeral directors to be embalmers,” Harrington said. “I also think that these laws make it difficult for immigrants to enter funeral directing to serve their communities.”

Free-Market Alternatives

Ohm says the public can ensure the safety and quality of goods and services without government control.

“Professions should be open to jobseekers who meet appropriate standards of training and proficiency,” Ohm said. “Industry or government certifications, proof of insurance and bonding, and even social media reports are less restrictive ways to protect consumers than licensing.”

Editor’s Note: This article was published in cooperation with The Heartland Institute’s Budget & Tax News.

PHOTO: New Hampshire State House in Concord, NH. Photograph taken and uploaded by Jared C. Benedict on 29 December 2004. This file is licensed under the Creative Commons Attribution-Share Alike 2.0 Generic license.

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Yes, there really is a tax break for upper-income graduate students and Congress won’t let it expire – AEI – American Enterprise Institute: Freedom, Opportunity, Enterprise

In an earlier Evidence Speaks post this year, Susan Dynarski and Judith Scott-Clayton summarized important research showing that federal tax benefits for college tuition have had no measurable impact on increasing college-going behavior.[1] Moreover, they note that the benefits are numerous, overlapping and complicated. Yet for all their flaws, these tax breaks enjoy such strong support from lawmakers that even the oddest one, which quietly expires each year, is always revived in a last-minute bill just in time for the tax filing season. The tuition and fees deduction (“the deduction”) was recently extended for a seventh time in an omnibus budget bill in February.[2] Out of all the tuition tax benefits the government offers, this one should be relatively easy to let go because of whom it unintentionally targets.

@brybree via Twenty20

Here is how the deduction works. Tax filers can deduct up to $4,000 of tuition and fees paid for higher education in the tax year. It is an “above-the-line” deduction, meaning filers can claim it without having to itemize deductions. As a deduction, filers earn a benefit equal to their marginal tax rate. The maximum benefit any filer could extract from the deduction is $880, the top marginal tax rate of those who are eligible (22 percent) times $4,000. There is no limit to the number of times a filer can claim the deduction, so long as he has incurred tuition expenses, and it does not matter what type of credential he pursues. There is, however, an income limit. Taxpayers with adjusted gross incomes above $80,000 ($160,000 for joint filers) cannot claim it.

There is nothing odd about those terms per se, but they interact with other tax benefits the government offers for tuition such that only upper-income graduate students benefit from the deduction. First, undergraduates, while eligible for the deduction, don’t claim it because a different tax credit only for undergraduates is more beneficial: the American Opportunity Tax Credit, which is worth up to $2,500 in tax relief for filers earning up to $90,000 ($180,000 for joint filers).[3] Tax filers can claim only one tuition tax benefit although they usually qualify for more than one. Second, graduate students with lower and middle incomes are also eligible for the deduction, but they can claim the $2,000 Lifetime Learning Credit, which almost always delivers a bigger tax break than the tuition and fees deduction.[4] But the Lifetime Learning credit has a lower income cut-off than the deduction. Those earning over $66,000 ($132,000 for joint filers) in 2017 cannot claim it.[5]

That’s how the deduction ends up targeting upper-income graduate students. While graduate students would always obtain a larger benefit from the Lifetime Learning Credit, they cannot claim it if they earn more than $66,000 ($132,000 for joint filers). They can, however, claim the deduction until their earnings exceed $80,000 ($160,000 for joint filers). Thus a narrow band of graduate students, those earning between the income limits for the two benefits, are the only students who would claim the deduction. At those levels, their incomes are higher than the incomes of about 80 percent of U.S. households.[6] Of course, tax filers can unintentionally claim a less generous benefit if they are eligible for more than one, such as an undergraduate claiming the deduction when she was eligible for the American Opportunity Tax Credit, which does happen.[7]

What the data say about eligible students

Using a representative sample of graduate students in 2011-12, Kim Dancy of New America and I estimated that just 8 percent of graduate students would benefit from the deduction. Meanwhile, 64 percent of graduate students would benefit most from the Lifetime Learning Credit. The rest of graduate students (28 percent) were ineligible for any tax benefit because they have no taxable income, their tuition was fully covered by grants and scholarships, or their earnings were too high.[8] The analysis assumes that tax filers claim the benefit that provides them with the largest tax reduction if they qualify for more than one. These numbers have likely shifted in recent years, with even fewer students benefiting from the deduction, because Congress has increased the earnings cap for the Lifetime Learning Credit to account for inflation but left the limits for the deduction unchanged.

We also estimated the average benefit graduate students would claim through the deduction for the 2011-12 academic year. At $621, it was smaller than the $859 average benefit that filers eligible for the Lifetime Learning Credit could claim.[9] Due to small sample sizes, however, we were unable to reliably assess important characteristics of filers eligible for the deduction, such as field of study.

The deduction didn’t start out as a graduate school tax break

As is often the case in public policy, lawmakers did not set out explicitly to provide a tax break to upper-income graduate students. In fact, graduate students were never the target group for the tuition tax breaks; undergraduates were always the focus. Although graduate students have been eligible for the tax benefits since their inception, changes to the policies over the years have left the deduction benefiting upper-income graduate students alone.

Prior to mid-1990s, the federal government did not offer widely-available tax breaks for college tuition. The idea first gained prominence when President Clinton proposed a $10,000 deduction for college tuition as part of his “Middle-Class Bill of Rights” reelection platform.[10] After critics noted that a deduction would provide more help to families in higher tax brackets, Clinton added a separate tax credit for the first two years of college to his proposal to provide more even benefits.[11] Congress adopted the president’s idea for the credit in 1997, naming it the Hope Tax Credit, but rejected the additional proposal for a $10,000 deduction. They instead replaced that proposal with a separate credit for “lifelong learning” (i.e., the Lifetime Learning Credit) that families could claim for education after the first two years of college, including graduate school.[12]

Thus, President Clinton’s original idea for a deduction and a credit was replaced with two credits, the Hope Tax Credit and the Lifetime Learning Tax Credit. In keeping with their original purpose to provide middle-class tax relief, Congress capped income eligibility for both benefits at $55,000 ($100,000 for joint filers) in 1997.[13]

With these two tax credits on the books, the idea of a deduction for tuition would be unnecessary and redundant, yet Congress later decided to add one anyway. Seemingly out of nowhere, lawmakers included a $4,000 deduction for tuition and fees in the Economic Growth and Tax Relief Reconciliation Act of 2001, the sweeping bill that included President Bush’s campaign proposal to cut marginal tax rates.[14]

The deduction differed from the two initial tax credits in a key way, which partially explains why lawmakers added it. Families earning up to $80,000 ($160,000 for joint filers) would be eligible as of 2004. That was significantly higher than the income cutoff for the Hope and Lifetime Learning Credits at the time and would therefore offer tax benefits to families with incomes arguably well above middle class. But why not just raise the income limits on the existing credits then? Because creating the new deduction was a way to restrict costs relative to expanding the existing Lifetime Learning Credit in terms of forgone revenue to the government. Recall that the value of the deduction is worth the amount deducted times the marginal tax rate, which at the time it was created would have been $1,120 at the most.[15] That is about half the maximum value of the Lifetime Learning credit.[16]

In other words, the deduction was a way to let upper-income families into the college tax benefit club on the cheap. It also ensured their benefits would be smaller than those of the middle-class families, who were eligible for the credits.

At the time it was created, the deduction was as much an undergraduate benefit as a graduate one. Upper-income families would claim it for tuition paid in pursuit of either degree. According to my analysis referenced earlier, about the same share of graduate students as undergraduates qualified for it prior to 2009.[17] But in 2009, Congress would make it pointless for almost any undergraduate to claim the deduction. That year, lawmakers replaced the Hope Credit with the American Opportunity Tax Credit, which provided larger benefits than the deduction with an income cutoff even higher than the deduction. With upper-income undergraduates now qualifying for American Opportunity Tax Credit, graduate students became the only group left who could benefit from the original tuition and fees deduction.

Conclusion

While Congress never decided to directly create a special tax break for upper-income graduate students alone, opting to extend the deduction year after year is effectively the same thing. The latest one-year extension, which made the deduction available for the 2017 tax year, cost the government over $200 million in forgone revenue.[18]

At a time when an undergraduate education feels financially out of reach for so many families, it’s fair to ask why Congress continues to spend these resources on students who have already earned an undergraduate degree. Moreover, these students earn a median household income of $102,000, according to my analysis.[19] There does not appear to be a good answer to that question other than inertia. Lawmakers have always extended the benefit so they continue to extend it. They may not realize, however, that it no longer benefits undergraduate students.

All of the tax benefits may be a policy failure for not increasing enrollment or being overly complex, but at least those for undergraduates put more money in the pockets of low- and middle-income families working toward their first degree. Today, the deduction does neither. It helps those who already have an undergraduate degree and earn high incomes to boot. While its cost in terms of forgone revenue are relatively modest, those resources would be better spent on aid that encourages students to enroll in and complete an undergraduate degree.

Footnotes

[1] Sue Dynarski and Judith Scott-Clayton, “The Tax Benefits for Education Don’t Increase Education,” Brookings Institution, April 2018, https://www.brookings.edu/research/the-tax-benefits-for-education-dont-increase-education/.
[2] Bipartisan Budget Act of 2018, Public Law 115–123, § 40203 (2018).
[3] Internal Revenue Service, “Instructions for Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits) (2017),” https://www.irs.gov/pub/irs-pdf/i8863.pdf.
[4] There are some circumstances when the deduction might produce a larger benefit than the Lifetime Learning Credit if a filer paid tuition and fees below $4,000 and he is in the highest tax bracket of those eligible for the deduction. For example, a filer in the 22% tax bracket who deducts $3,000 in expenses receives a $660 tax reduction; under the Lifetime Learning credit his benefit would be $600.
[5] Ibid.
[6] Author’s calculation using the American Community Survey, 2016.
[7] Government Accountability Office, “Improved Tax Information Could Help Families Pay for College,” May 2012, https://www.gao.gov/assets/600/590970.pdf
[8] Jason Delisle and Kim Dancy, “Graduate Students and Tuition Tax Benefits,” New America, December 2015, 6–7, https://na-production.s3.amazonaws.com/documents/graduate-students-and-tuition-tax-benefits.pdf.
[9] Author’s calculation using the National Postsecondary Student Aid Study 2011–12. See also Jason Delisle and Kim Dancy, “Graduate Students and Tuition Tax Benefits,” New America, December 2015.
[10] William J. Clinton, “Address to the Nation on the Middle Class Bill of Rights,” December 15, 1997, www.presidency.ucsb.edu/ws/?pid=49591.
[11] Douglas Lederman, “The Politicking and Policy Making Behind a $40-Billion Windfall: How Clinton, Congress, and Colleges Battled to Shape Hope Scholarships,” Chronicle of Higher Education, November 28, 1997.
[12] Taxpayer Relief Act of 1997, Public Law 105–34 § 201 (1997).
[13] Taxpayer Relief Act of 1997, Public Law 105–34 § 101 (1997).
[14] Economic Growth and Tax Relief Reconciliation Act of 2001, Public Law 107–16 § 431 (2001).
[15] The top marginal tax rate for filers eligible for the deduction was 28 percent in the mid 2000s.
[16] See endnote 4. for an explanation of how sometimes when tuition and fees are below $4,000, tax filers can qualify for a larger tax reduction through the deduction than if the Lifetime Learning Credit.
[17] Jason Delisle and Kim Dancy, “A New Look at Tuition Tax Benefits,” New America, November 2015, https://static.newamerica.org/attachments/10416-a-new-look-at-tuition-tax-benefits/TaxCredits11.2.277d3f7daa014d5a8632090f97641cee.pdf; and Jason Delisle and Kim Dancy, “Graduate Students and Tuition Tax Benefits,” New America, December 2015, 6–7, https://na-production.s3.amazonaws.com/documents/graduate-students-and-tuition-tax-benefits.pdf.
[18] Joint Committee on Taxation, “Federal Tax Provisions Expired in 2017” (JCX-5-18), March 9, 2018.
[19] Author’s calculation using the National Postsecondary Student Aid Study 2011–12. See also Jason Delisle and Kim Dancy, “Graduate Students and Tuition Tax Benefits,” New America, December 2015.

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Paige Patterson On Breaking Rape Victims Down

I cannot fathom how a purported man of God could do such a thing. From a statement issued by the chairman of the Board of Trustees of Southwestern Baptist Theological Seminary tonight.  Emphasis is mine:

We confirmed this week through a student record, made available to me with permission, that an allegation of rape was indeed made by a female student at Southeastern Baptist Theological Seminary in 2003. This information contradicts a statement previously provided by Dr. Patterson in response to a direct question by a Board member regarding the incident referenced in our May 30 statement. The 2003 rape allegation was never reported to local law enforcement. SWBTS will not release the student record to the public without additional appropriate permissions.

In addition, as previously disclosed, a female student at SWBTS reported to Dr. Patterson that she had been raped in 2015.  Police were notified of that report. But in connection with that allegation of rape, Dr. Patterson sent an email (the contents of which were shared with the Board on May 22) to the Chief of Campus Security in which Dr. Patterson discussed meeting with the student alone so that he could “break her down” and that he preferred no officials be present. The attitude expressed by Dr. Patterson in that email is antithetical to the core values of our faith and to SWBTS. Moreover, the correlation between what has been reported and also revealed in the student record regarding the 2003 allegation at Southeastern and the contents of this email are undeniable.

“Break her down”? Break her down?! A woman reports that she was raped, and that old man — that pastor and seminary head — wanted to meet with her privately to “break her down”? To what end? To humiliate her and intimidate her into dropping charges?

What kind of misogynistic monster does that? If that had been my daughter, Paige Patterson would have to look over his shoulder in fear every day remaining of his life.

Watch this controversial talk of his from around the same time, knowing what we now know:

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PlayerUnknown’s Battlegrounds (Xbox One Digital Code) w/ Assassin’s Creed Unity for $12.91

The gang discuss Fallout 76, Solo lawless children minigolf, Sega Genesis Classics, E3 Backpack rules, new Atari and Intellivision consoles and so much more! CDKeys has PlayerUnknown’s Battlegrounds on sale for $13.59. You can receive an additional 5% off unique discount code .

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Analyst: Additional Model 3 Production Shutdowns Would Be Negative For Tesla Stock

Tesla Inc. is shutting down Model 3 production starting Saturday in an effort to make changes to improve its production process and alleviate the bottlenecks that have caused the company to miss their production targets in recent quarters. The planned event is part of the 10 days of shutdowns Tesla previously announced for the quarter, and one analyst said in a Friday note that it had better be the last.

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DHS Secretary Nielsen Approves 15K Additional H-2B Foreign Workers to Take Blue-Collar U.S. Jobs

Department of Homeland Security (DHS) Secretary Kirstjen Nielsen will allow U.S. companies to import an additional 15,000 low-skilled foreign workers to compete with working-class Americans through the H-2B visa program.

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Faculty jobs cut, staff told they are at risk of layoffs at Evergreen State University

Earlier this week I highlighted a piece at the Wall Street Journal which warned layoffs were coming to Evergreen State College. Yesterday, Campus Reform reported that the layoffs have already begun:

John Carmichael, the chief of staff and secretary to the Evergreen State College Board of Trustees, announced in a memo to staff and faculty members on Tuesday that the school has already cut 24 faculty lines and eliminated 19 vacant staff positions, and warned that up to 20 additional staff members could seen be laid off.

“Over the past several days, 20 staff members have been notified that they are at risk for layoff,” Carmichael wrote. “These layoffs, although necessary to stabilize the college’s budget, represent a profound loss felt by many.”

It’s not clear how many of the faculty jobs were already vacant when they were cut. It sounds from this as if the 19 staff positions that were eliminated were already vacant but an additional 20 staff positions that are not vacant could be cut at any time.

“As painful as it is to lose valued colleagues, we know that we must take dramatic steps to stabilize the budget,” Carmichael wrote. “These steps, along with the re-organization of senior leadership positions and fee changes previously announced, will stabilize the budget.”

They don’t actually know that yet. Evergreen announced 2 weeks ago that it was preparing for a 10 percent decline in enrollment next year. Accommodating that decline will require cutting $5.9 million from the budget. But the 10% projection is actually the midpoint of a larger range. Back in February, the school warned the actual decline could be closer to 18 percent. And the WSJ report this week that enrollment for next year is currently down 20%, though the school claims many students choose to enroll at the last minute. All of that to say, Evergreen’s predicament may be significantly worse than the current preparation suggests. I will not be at all surprised if the school goes through another round of deep cuts sometime this summer.

Once the budget is under control, he concluded optimistically, the school will be able to focus on “the critical initiatives that staff and faculty have identified for revitalizing the college by, for instance, identifying paths of study, launching enrollment recovery initiatives, investing in the First-Year experience, modernizing our marketing program, and committing to inclusive excellence and equity for all students.”

Evergreen hasn’t learned anything from last year’s fiasco. So long as President George Bridges is still there, this school is going to continue to struggle. Maybe at some point things will get bad enough that someone will suggest he needs to go but so far the school appears willing to let dozens of other faculty and staff members pay the price for Bridges’ dumb decisions.

One thing that hasn’t gotten cut, at least so far, is the school’s Play Day, where it sets up inflatable bounce houses in Red Square. [h/t Benjamin Boyce]

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iShares S&P Us Pref Stock Idx Fnd (PFF) Shares Bought by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp grew its holdings in shares of iShares S&P US Pref Stock Idx Fnd by 32.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 134,346 shares of the company’s stock after buying an additional 32,897 shares during the quarter.

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