More People Are on the Streets
The U.S. Department of Housing and Urban Development found that 582,462 people in this country are homeless. That is an increase of 11% from last year and is considered to be the biggest jump in numbers since the government started tracking comparable numbers in 2007.
Outlays Will Increase by 2027
In the next four years, state outlays are projected to grow by 17.8% — almost $22 billion — while revenues fall more than 10%. Even the Democratic state comptroller Tom DiNapoli has noted that the number of millionaires who left the state in 2021 was almost three times higher than in 2019.
More Money in Schools, But Students Still Struggle Academically
Factors other than Covid are causing our students to stumble academically, but it’s not due to lack of funding. Inflation-adjusted per-pupil spending rose from $7,089 in the 1971-72 school year to $17,013 in 2019-2020 — an unbelievable increase of 140%. Class size has nothing to do with it, either; nationally, since 1921, the student-to-teacher ratio has been cut in half.
SOURCE: Larry Sand, “Our Failing Schools Are a National Crisis,” City Journal, July 14, 2023
Global Wealth, Number of Millionaires Decline
Last year, global wealth fell by 2.4% to $454 trillion, the first such decline since 2008, according to the 14th Global Wealth Report released this week by Credit Suisse and UBS. Further, the amount of wealth per person fell 3.6% globally to $84,718. The share of wealth of the top 1% also dropped last year from 45.6% to 44.5%. Lastly, the number of millionaires also decreased, from 62.9 million in 2021 to 59.4 million in 2022.