Got Dough? How Billionaires Rule Our Schools
THE cost of K–12 public schooling in the United States comes to well over $500 billion per year. So, how much influence could anyone in the private sector exert by controlling just a few billion dollars of that immense sum? Decisive influence, it turns out. A few billion dollars in private foundation money, strategically invested every year for a decade, has sufficed to define the national debate on education; sustain a crusade for a set of mostly ill-conceived reforms; and determine public policy at the local, state, and national levels. In the domain of venture philanthropy—where donors decide what social transformation they want to engineer and then design and fund projects to implement their vision—investing in education yields great bang for the buck.
Hundreds of private philanthropies together spend almost $4 billion annually to support or transform K–12 education, most of it directed to schools that serve low-income children (only religious organizations receive more money). But three funders—the Bill and Melinda Gates Foundation, the Eli and Edythe Broad (rhymes with road) Foundation, and the Walton Family Foundation—working in sync, command the field.
Hundreds of private philanthropies together spend almost $4 billion annually to support or transform K–12 education, most of it directed to schools that serve low-income children (only religious organizations receive more money). But three funders—the Bill and Melinda Gates Foundation, the Eli and Edythe Broad (rhymes with road) Foundation, and the Walton Family Foundation—working in sync, command the field.