If you were New York State and you had $25 billion dollars, what would you do? In an effort to increase funding for public education, NY Gov. Eliot Spitzer has announced his plan to lease the state's lottery. The plan would net NY $25 billion upfront, and $4 billion would go towards the SUNY endowment, according to The Buffalo News.
An endowment of that size would increase faculty and give UB and Stonybrook a more commanding presence in the education market. It goes hand in hand with UB's 2020 plans to add big names to its research faculty. UB would now have the ability to compete with universities such as Columbia, whose endowment was $5.2 billion in 2005, according to Insidehighered.com.
Nobody is opposed to expanding education, but several critics have voiced their concern that the plan would increase gambling problems across NY. The lottery has been around since the '60s, and it hasn't caused an epidemic of impulsive gambling. It's been sponsoring public education for over 40 years, donating a total of $31 billion to public education, according to Nylottery.com.
Those who consider it "dirty" money should realize it could fund great projects. Funding acquired through gambling is still funding, and a New York education should have every opportunity to make the most of its resources.
According to The New York Times, the endowment is Spitzer's priority. However, once the money is available, offsetting rising tuition costs might become an issue. Spitzer needs to stick to his guns and force this money to be for innovation and development.
UB's President John B. Simpson has endorsed Spitzer's plan, and we at The Spectrum back their decision.
Photo: Courtesy of Laron Fomby
