A Plan to Save Philadelphia Schools
Public education in Philadelphia has reached a crisis point. Only 65% of students enrolled in Philadelphia public school students graduated high school in 2015, as reported in The Huffington Post.
The co-founder of Susquehanna Investment Group (SIG), Jeff Yass, a local billionaire, has a revolutionary idea that could save public schools in Philadelphia, based on educational vouchers:
“We would give every child in the city of Philadelphia a voucher. The good news about Philadelphia is that it is the poorest large city in America so we have nowhere to go but up. I believe if we take this voucher idea we can go from the poorest city in America to the richest city in America. We can go from the Philadelphia 76ers to the Cleveland Cavaliers,” said Yass during his talk at ThingFest last November.
“What I would propose is that we give everybody $10, 000. You are free to go to any school that you want-a Catholic school, a charter school, a private school- and you are also free to go to your local district school. If you are satisfied with the government schools, you are welcome to stay there.”
He noted, “$16,200 is the amount of money that the city of Philadelphia spends on its students per year. 69% of the schools are low performing. Basically, maybe 10% of the kids coming out of Philadelphia public schools are ready for college. At $16,000 a kid, about 200,000 kids so we are talking about $3 billion down the drain every year.”
As reported in The Huffington Post.