The problem of funding higher education
Light posting–not no posting. Today’s P-D has a good editorial on higher education spending. The problem with Hancock that I didn’t address specifically is that it doesn’t allow for costs that increase faster than the typical rate of inflation. Hancock is essentially set at inflation + some to make room for necessary changes. The problem is some areas go up much faster than inflation and the Hancock caps. Education and health care, two of the areas most supported by the public, are both increasing costs at faster rates than inflation or the Hancock limit.
Higher ed has to get control of its costs, but even given that occurring, spending still needs to be ‘caught up.’ Hancock limits our ability to do so. To provide educational opportunities in the form of student aid, the State of Missouri would have to bump up spending. Doing so in one lump would run into Hancock limits and severely limit other funds.
Higher ed is the easier issue. The real problem with Hancock will come from the effects of rising health care costs which have the ability to bankrupt some states. Hancock is an aggravating factor in this case, not the prime cause.