Money Minute: School Funding Drops After Decadeslong Rise

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Funding for public schools drops for the first time in decades.

The Census Bureau says school funding for 2012, the latest year for which we have numbers, was the first decline since the government began keeping track in 1977. That was due entirely to a big decline in federal dollars as the government cut the extra stimulus provided during the recession, and states weren't able to make up the difference. In total, public school funding fell by $4.9 billion from the previous year, a drop of nearly 1 percent.

A new report could change the debate over the impact of foreign workers on wages paid to American workers. The Wall Street Journal reports on a new academic study that shows cities with the most foreign workers in the so-called STEM fields -- science, technology, engineering and math -- also had the fastest wage gains for U.S.-born college grads. The researchers said a one percentage point increase in foreign STEM workers led to 7 to 8 percent increase in wages for comparable American workers.

No matter where they were born, workers at Hewlett-Packard (HPQ) are worried about their jobs. The company plans to cut up to 16,000 more jobs. That's on top of 34,000 job cuts previously announced.

Here on Wall Street on Thursday, the Dow Jones industrial average (^DJI) added 10 points, the Nasdaq composite (^IXIC) gained 22 points and the Standard & Poor's 500 index (^GPSC) rose 4.

If you're heading out for the Memorial Day weekend, expect lots of company on the roads and at the airport. AAA says more people will be traveling than at any time since 2005. There is some good news though: the price of gasoline is about the same as it was a year ago.

Lastly, the Speedway chain of gas stations is expanding. Marathon Petroleum (MPC) is buying the Hess (HES) chain for $2.6 billion. That means Speedway will have 2,700 locations in 23 states, up from nine currently. But don't fear, the new owners plan to keep offering the popular Hess toy truck that it's sold during the holidays for the past 50 years.

-Produced by Drew Trachtenberg.


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prnyl

Get more effective teachers - a total re-organization of the education system will never happen beacuse of teachers unions- That is why the U.S. is 33rd in the world in education rankings- teacher protection and complacency rules the U.S.

May 23 2014 at 3:29 PM Report abuse -2 rate up rate down Reply
jojosdixoutcider

Perhaps today the retealicans will vote to
Restore unemployment insurance benefits for the long term unemployed.

May 23 2014 at 12:33 PM Report abuse +2 rate up rate down Reply
true_liberal1

The decline in federal education spending from a reduction in the goons anti-stimulus equals a slight increase in resources available to private sector citizens. Citizens remain free to allocate these resources toward education or any other allocation of their own choosing.

May 23 2014 at 10:46 AM Report abuse -3 rate up rate down Reply
korrectionelecshun

~2014~> http://www.teaparty-platform.com/ <~2014~~ n together we can put a stop to obamits record unemployment n record foreclosures n his obstructing n sabotaging n holding all Americans hostage for the last 5 years now. !!

May 23 2014 at 10:04 AM Report abuse -7 rate up rate down Reply
1 reply to korrectionelecshun's comment
republicanslostagain

Nice fox news spin, you must be really dizzy from saying that comment. Have any more lies to tell ?

May 23 2014 at 10:31 AM Report abuse +1 rate up rate down Reply
2 replies to republicanslostagain's comment
ign.cmk

He's a TeaTard. Best to just laugh at him and then ignore him. He isn't exactly grounded in reality.

May 23 2014 at 10:52 AM Report abuse +2 rate up rate down
unitedpaintings

Let's here the Jindahl story again, dunce.

May 23 2014 at 12:30 PM Report abuse -4 rate up rate down
teaparty2implode

Billionaires' Tea Party, The
How Corporate America is Faking a Grassroots Revolution

Shortly after Barack Obama and a Congressional Democrats swept to power promising a new era of hope and change, a citizens protest movement emerged threatening to derail their agenda. The Tea Party was widely hailed as a exercise in grassroots democracy. But others saw it as a classic example of "astroturfing," a public relations charade designed to mimic a populist revolt. Curious to find out for himself, Australian filmmaker Taki Oldham decided to travel into the heart of the movement. The result is this astonishing look at how moneyed elites have been exploiting legitimate voter outrage to advance their own narrow interests. Oldham takes us inside town hall meetings where angry voters parrot insurance industry PR; finds "citizen groups" working to debunk climate change that are funded by big oil companies; and peels back a movement's down-home image to discover a coordinated network of right-wing shadow groups funded by the likes of billionaire ideologue Charles and David Koch. At once a record of our political moment, and a stunning case study in the power of public relations.

May 23 2014 at 9:25 AM Report abuse +4 rate up rate down Reply
1 reply to teaparty2implode's comment
true_liberal1

Nice imbecile spin. You must be getting dumber by the day from copying and pasting spooge. Any more of your extraordinary ignorance to share?

May 23 2014 at 10:42 AM Report abuse -4 rate up rate down Reply
9 replies to true_liberal1's comment