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Thought we were in a recession… As Pioneer’s Jim Stergios points out about 2 minutes in, students who are being asked to cough up more in tuition and fees won’t be too thrilled to learn that the UMass Med School chancellor just got a $57,000 pay raise.
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Pioneer is a taxpayer subsidized 501(c)(3) tax-exempt organization. It reaps all of the benefits of our society, from public safety to infrastructure, without contributing a penny. Calculating based on a minimal federal corporate tax rate of 15 percent an and an 8.8 percent corporate tax rate in MA, call it 23.5 percent total, and 2010 revenue for Pioneer of $1.4 million, that works out to a 2010 taxpayer subsidy to the Institute of $329,000, which comfortably covers the $133,215 paid to their estimable Executive Director Jim Stergios. Given the extent to which Pioneer has his the public jackpot, they should consider giving their top-notch staff generous raises now that Democrat management has ended the recession caused by Republican policies under Bush. Alternately, they could fully embrace the private sector, throw off their dependency on the public sector, and reorganize as a private business like BMG.
And here I was thinking that state workers were still being paid at 1951 rates.