How state budgets are breaking US schools - Bill Gates
[Music]
well<00:00:16.139> this<00:00:16.260> is<00:00:16.379> about<00:00:16.619> state<00:00:16.950> budgets<00:00:17.210> this<00:00:18.210> is
well this is about state budgets this is
well this is about state budgets this is
probably<00:00:18.660> the<00:00:18.779> most<00:00:18.900> boring<00:00:19.259> topic<00:00:19.710> of<00:00:20.369> the
probably the most boring topic of the
probably the most boring topic of the
whole<00:00:20.790> morning<00:00:21.890> but<00:00:22.890> I<00:00:22.920> want<00:00:23.520> to<00:00:23.610> tell<00:00:23.759> you<00:00:23.849> I
whole morning but I want to tell you I
whole morning but I want to tell you I
think<00:00:24.000> it's<00:00:24.210> an<00:00:24.390> important<00:00:24.869> topic<00:00:25.560> that<00:00:25.770> we
think it's an important topic that we
think it's an important topic that we
need<00:00:26.580> to<00:00:26.730> care<00:00:26.939> about<00:00:28.730> state<00:00:29.730> budgets<00:00:29.760> are<00:00:30.439> big
need to care about state budgets are big
need to care about state budgets are big
big<00:00:32.309> money<00:00:32.610> I'll<00:00:33.390> show<00:00:34.050> you<00:00:34.110> the<00:00:34.260> numbers<00:00:34.620> and
big money I'll show you the numbers and
big money I'll show you the numbers and
they<00:00:36.150> get<00:00:36.300> very<00:00:36.510> little<00:00:36.870> scrutiny<00:00:38.150> the
they get very little scrutiny the
they get very little scrutiny the
understanding<00:00:40.170> is<00:00:40.320> very<00:00:40.350> low<00:00:40.800> many<00:00:41.519> of<00:00:41.670> the
understanding is very low many of the
understanding is very low many of the
people<00:00:41.970> involved<00:00:42.650> have<00:00:43.650> special<00:00:44.159> interests
people involved have special interests
people involved have special interests
or<00:00:44.760> short-term<00:00:45.239> interests<00:00:45.750> that<00:00:45.930> get<00:00:46.650> them
or short-term interests that get them
or short-term interests that get them
not<00:00:47.010> thinking<00:00:47.250> about<00:00:47.760> what<00:00:48.269> the<00:00:48.390> implications
not thinking about what the implications
not thinking about what the implications
of<00:00:49.350> the<00:00:49.710> trends<00:00:50.070> are<00:00:50.250> and<00:00:51.110> these<00:00:52.110> budgets<00:00:52.769> are
of the trends are and these budgets are
of the trends are and these budgets are
the<00:00:53.909> key<00:00:54.150> for<00:00:54.930> our<00:00:54.960> future<00:00:55.440> they're<00:00:55.619> the<00:00:55.769> key
the key for our future they're the key
the key for our future they're the key
for<00:00:56.220> our<00:00:56.250> kids<00:00:56.690> most<00:00:57.799> education<00:00:58.799> funding
for our kids most education funding
for our kids most education funding
whether<00:01:00.360> it's<00:01:00.570> K<00:01:00.750> through<00:01:01.049> 12<00:01:01.409> or<00:01:01.830> the<00:01:01.949> great
whether it's K through 12 or the great
whether it's K through 12 or the great
universities<00:01:02.820> or<00:01:03.119> community<00:01:03.239> colleges<00:01:03.570> most
universities or community colleges most
universities or community colleges most
of<00:01:04.680> money<00:01:04.830> for<00:01:05.040> those<00:01:05.220> things<00:01:05.519> is<00:01:05.990> coming<00:01:06.990> out
of money for those things is coming out
of money for those things is coming out
of<00:01:07.590> these<00:01:07.979> state<00:01:08.310> budgets<00:01:08.930> but<00:01:09.930> we<00:01:10.049> have<00:01:10.260> a
of these state budgets but we have a
of these state budgets but we have a
problem<00:01:11.000> here's<00:01:12.000> the<00:01:12.180> overall<00:01:12.720> picture<00:01:13.100> US
problem here's the overall picture US
problem here's the overall picture US
economy<00:01:14.670> it's<00:01:15.420> big<00:01:15.810> fourteen<00:01:16.740> point<00:01:16.980> seven
economy it's big fourteen point seven
economy it's big fourteen point seven
trillion<00:01:17.690> now<00:01:18.690> out<00:01:18.870> of<00:01:18.900> that<00:01:19.140> pie<00:01:19.430> the
trillion now out of that pie the
trillion now out of that pie the
government<00:01:20.910> spends<00:01:21.450> thirty<00:01:22.380> six<00:01:22.740> percent<00:01:22.970> so
government spends thirty six percent so
government spends thirty six percent so
this<00:01:24.120> is<00:01:24.270> combining<00:01:24.840> the<00:01:24.990> federal<00:01:25.380> level
this is combining the federal level
this is combining the federal level
which<00:01:26.100> is<00:01:26.310> the<00:01:26.460> largest<00:01:26.820> the<00:01:27.630> state<00:01:27.900> level<00:01:28.320> in
which is the largest the state level in
which is the largest the state level in
the<00:01:28.530> local<00:01:28.920> level<00:01:29.220> and<00:01:29.370> it's<00:01:29.790> really<00:01:30.030> in<00:01:30.180> this
the local level and it's really in this
the local level and it's really in this
combined<00:01:30.780> way<00:01:30.960> that<00:01:31.140> you<00:01:31.230> get<00:01:31.380> an<00:01:31.650> overall
combined way that you get an overall
combined way that you get an overall
sense<00:01:32.790> of<00:01:33.000> what's<00:01:33.180> going<00:01:33.270> on<00:01:33.540> because<00:01:33.750> there's
sense of what's going on because there's
sense of what's going on because there's
a<00:01:34.080> lot<00:01:34.230> of<00:01:34.440> complex<00:01:34.890> things<00:01:35.070> like<00:01:35.400> Medicaid
a lot of complex things like Medicaid
a lot of complex things like Medicaid
and<00:01:36.290> research<00:01:37.290> money<00:01:37.530> that<00:01:38.370> flow<00:01:38.580> across
and research money that flow across
and research money that flow across
those<00:01:39.150> boundaries<00:01:39.659> but<00:01:40.320> we're<00:01:40.470> spending<00:01:41.510> 36%
those boundaries but we're spending 36%
those boundaries but we're spending 36%
well<00:01:43.740> what<00:01:43.860> are<00:01:43.950> we<00:01:44.010> taking<00:01:44.250> in<00:01:44.630> simple
well what are we taking in simple
well what are we taking in simple
business<00:01:45.990> question<00:01:46.409> the<00:01:47.159> answer<00:01:47.580> is<00:01:48.050> 26%<00:01:49.460> now
business question the answer is 26% now
business question the answer is 26% now
this<00:01:50.700> leaves<00:01:52.250> 10%<00:01:54.350> deficit<00:01:55.350> sort<00:01:56.310> of<00:01:56.370> a
this leaves 10% deficit sort of a
this leaves 10% deficit sort of a
mind-blowing<00:01:57.180> number<00:01:57.750> and<00:01:58.280> some<00:01:59.280> of<00:01:59.400> that<00:01:59.550> in
mind-blowing number and some of that in
mind-blowing number and some of that in
fact<00:02:00.150> is<00:02:00.450> due<00:02:00.720> to<00:02:01.020> the<00:02:01.140> fact<00:02:01.350> we've<00:02:01.560> had<00:02:01.590> a
fact is due to the fact we've had a
fact is due to the fact we've had a
economic<00:02:02.400> recession<00:02:03.210> receipts<00:02:03.990> go<00:02:04.110> down<00:02:04.470> some
economic recession receipts go down some
economic recession receipts go down some
spending<00:02:06.330> programs<00:02:06.750> go<00:02:06.960> up<00:02:07.140> but<00:02:07.650> most<00:02:07.979> of<00:02:08.250> it
spending programs go up but most of it
spending programs go up but most of it
is<00:02:08.640> not<00:02:09.239> because<00:02:09.750> of<00:02:09.780> that<00:02:10.190> most<00:02:11.190> of<00:02:11.370> it<00:02:11.489> is
is not because of that most of it is
is not because of that most of it is
because<00:02:11.849> of<00:02:12.330> ways<00:02:12.720> that<00:02:13.049> the<00:02:13.620> liabilities<00:02:14.310> are
because of ways that the liabilities are
because of ways that the liabilities are
building<00:02:14.849> up<00:02:15.000> and<00:02:15.299> the<00:02:15.330> trends<00:02:15.959> and<00:02:16.140> that
building up and the trends and that
building up and the trends and that
creates<00:02:17.489> a<00:02:17.700> huge<00:02:18.390> challenge<00:02:18.810> in<00:02:19.319> fact<00:02:19.920> this<00:02:20.250> is
creates a huge challenge in fact this is
creates a huge challenge in fact this is
the<00:02:20.670> forecast<00:02:21.569> picture<00:02:22.260> there's<00:02:22.890> various
the forecast picture there's various
the forecast picture there's various
things<00:02:23.459> in<00:02:23.610> here<00:02:23.760> I<00:02:23.819> could
things in here I could
things in here I could
say<00:02:24.269> you<00:02:24.959> know<00:02:25.079> we<00:02:25.230> might<00:02:25.470> raise<00:02:25.739> more<00:02:25.980> revenue
say you know we might raise more revenue
say you know we might raise more revenue
or<00:02:26.750> medical<00:02:27.750> innovation<00:02:28.260> will<00:02:28.379> make<00:02:28.530> the
or medical innovation will make the
or medical innovation will make the
spending<00:02:29.159> even<00:02:29.400> higher
spending even higher
spending even higher
it<00:02:30.150> is<00:02:30.390> a<00:02:30.829> increasingly<00:02:31.829> difficult<00:02:32.549> picture
it is a increasingly difficult picture
it is a increasingly difficult picture
even<00:02:34.230> assuming<00:02:34.829> the<00:02:35.010> economy<00:02:35.519> does<00:02:35.760> quite
even assuming the economy does quite
even assuming the economy does quite
well<00:02:36.150> probably<00:02:36.840> better<00:02:37.049> than<00:02:37.319> it<00:02:38.040> will<00:02:38.370> do
well probably better than it will do
well probably better than it will do
this<00:02:39.659> is<00:02:39.900> is<00:02:40.200> what<00:02:40.680> you<00:02:40.829> see<00:02:41.159> at<00:02:41.489> this<00:02:41.939> overall
this is is what you see at this overall
this is is what you see at this overall
level<00:02:42.780> now<00:02:43.620> why<00:02:44.120> how<00:02:45.120> did<00:02:45.239> we<00:02:45.329> get<00:02:45.480> here<00:02:45.689> I<00:02:45.750> mean
level now why how did we get here I mean
level now why how did we get here I mean
how<00:02:46.560> could<00:02:46.680> you<00:02:46.739> have<00:02:46.859> a<00:02:46.920> problem<00:02:47.250> like<00:02:47.370> this
how could you have a problem like this
how could you have a problem like this
after<00:02:48.810> all<00:02:48.930> there<00:02:49.140> at<00:02:49.290> least<00:02:49.590> on<00:02:49.829> paper
after all there at least on paper
after all there at least on paper
there's<00:02:51.329> this<00:02:51.540> notion<00:02:51.810> that<00:02:52.079> these<00:02:52.439> state
there's this notion that these state
there's this notion that these state
budgets<00:02:53.250> are<00:02:53.370> balanced<00:02:53.970> only<00:02:54.659> one<00:02:54.840> state<00:02:55.280> says
budgets are balanced only one state says
budgets are balanced only one state says
they<00:02:56.489> don't<00:02:56.609> have<00:02:56.730> to<00:02:57.000> balance<00:02:57.389> the<00:02:57.569> budget
they don't have to balance the budget
they don't have to balance the budget
but<00:02:58.739> what<00:02:58.950> this<00:02:59.129> means<00:02:59.549> actually<00:03:00.299> is<00:03:00.450> that
but what this means actually is that
but what this means actually is that
there's<00:03:00.989> a<00:03:01.049> pretense<00:03:01.980> there's<00:03:02.670> no<00:03:02.819> real<00:03:03.180> true
there's a pretense there's no real true
there's a pretense there's no real true
balancing<00:03:04.709> going<00:03:04.859> on<00:03:05.159> and<00:03:05.489> in<00:03:05.819> a<00:03:05.909> sense<00:03:06.150> the
balancing going on and in a sense the
balancing going on and in a sense the
games<00:03:06.750> they<00:03:07.170> play<00:03:07.549> to<00:03:08.549> hide<00:03:08.790> that<00:03:09.060> actually
games they play to hide that actually
games they play to hide that actually
obscure<00:03:10.379> the<00:03:10.530> topic<00:03:11.040> so<00:03:11.220> much<00:03:11.430> that<00:03:12.180> people
obscure the topic so much that people
obscure the topic so much that people
don't<00:03:12.959> see<00:03:13.049> things<00:03:13.470> that<00:03:13.620> are<00:03:13.799> actually
don't see things that are actually
don't see things that are actually
pretty<00:03:14.849> straightforward
pretty straightforward
pretty straightforward
challenges<00:03:16.950> when<00:03:17.760> Jerry<00:03:18.000> Brown<00:03:18.329> was<00:03:18.510> elected
challenges when Jerry Brown was elected
challenges when Jerry Brown was elected
this<00:03:19.859> was<00:03:20.069> the<00:03:20.250> challenge<00:03:20.730> that<00:03:21.030> was<00:03:21.150> put<00:03:21.420> to
this was the challenge that was put to
this was the challenge that was put to
him<00:03:21.720> that<00:03:21.959> is<00:03:22.170> through<00:03:22.799> various<00:03:23.220> gimmicks<00:03:23.760> and
him that is through various gimmicks and
him that is through various gimmicks and
things<00:03:24.420> a<00:03:24.750> so-called<00:03:25.620> balanced<00:03:26.400> budget<00:03:27.000> had
things a so-called balanced budget had
things a so-called balanced budget had
led<00:03:27.750> him<00:03:28.019> to<00:03:28.590> have<00:03:28.949> 25<00:03:29.699> billion<00:03:30.090> missing<00:03:30.720> out
led him to have 25 billion missing out
led him to have 25 billion missing out
of<00:03:31.739> the<00:03:31.859> 76<00:03:32.519> billion<00:03:32.790> in<00:03:33.090> proposed<00:03:33.599> spending
of the 76 billion in proposed spending
of the 76 billion in proposed spending
now<00:03:34.919> he's<00:03:35.190> put<00:03:35.430> together<00:03:35.549> some<00:03:35.940> thoughts
now he's put together some thoughts
now he's put together some thoughts
about<00:03:36.629> half<00:03:37.230> of<00:03:37.440> that<00:03:37.910> he'll<00:03:38.910> cut<00:03:39.209> another
about half of that he'll cut another
about half of that he'll cut another
half<00:03:40.879> perhaps<00:03:41.879> in<00:03:42.359> a<00:03:42.480> very<00:03:42.750> complex<00:03:43.290> set<00:03:43.409> of
half perhaps in a very complex set of
half perhaps in a very complex set of
steps<00:03:43.829> taxes<00:03:44.370> will<00:03:44.489> be<00:03:44.519> approved<00:03:45.470> but<00:03:46.470> even<00:03:46.919> so
steps taxes will be approved but even so
steps taxes will be approved but even so
as<00:03:47.579> you<00:03:47.909> go<00:03:48.060> out<00:03:48.209> into<00:03:48.540> those<00:03:48.780> future<00:03:49.260> years
as you go out into those future years
as you go out into those future years
various<00:03:50.699> pension<00:03:51.359> costs<00:03:51.810> health<00:03:51.959> costs<00:03:52.470> go<00:03:52.590> up
various pension costs health costs go up
various pension costs health costs go up
enough<00:03:53.129> and<00:03:53.459> the<00:03:54.269> revenue<00:03:54.690> does<00:03:55.079> not<00:03:55.290> go<00:03:55.470> up
enough and the revenue does not go up
enough and the revenue does not go up
enough<00:03:55.919> so<00:03:56.129> you<00:03:56.190> get<00:03:56.459> a<00:03:56.760> big<00:03:57.540> squeeze<00:03:58.220> what
enough so you get a big squeeze what
enough so you get a big squeeze what
were<00:03:59.310> those<00:03:59.489> things<00:03:59.819> that<00:04:00.060> allowed<00:04:00.449> us<00:04:00.479> to
were those things that allowed us to
were those things that allowed us to
hide<00:04:01.139> this<00:04:01.409> well<00:04:01.650> some<00:04:01.859> really<00:04:02.190> nice<00:04:02.909> little
hide this well some really nice little
hide this well some really nice little
tricks<00:04:03.629> and<00:04:04.019> these<00:04:04.470> were<00:04:04.650> somewhat<00:04:05.190> noticed
tricks and these were somewhat noticed
tricks and these were somewhat noticed
the<00:04:06.449> paper<00:04:06.690> said<00:04:07.049> it's<00:04:07.229> not<00:04:07.409> really<00:04:07.680> balanced
the paper said it's not really balanced
the paper said it's not really balanced
it's<00:04:08.489> got<00:04:08.760> holes<00:04:09.260> it<00:04:10.260> perpetuates<00:04:10.760> deficit
it's got holes it perpetuates deficit
it's got holes it perpetuates deficit
spending<00:04:12.269> it's<00:04:13.019> riddled<00:04:13.409> with<00:04:13.440> gimmicks<00:04:13.979> and
spending it's riddled with gimmicks and
spending it's riddled with gimmicks and
really<00:04:16.560> when<00:04:16.680> you<00:04:16.709> get<00:04:16.859> down<00:04:17.039> to<00:04:17.099> it<00:04:17.599> the<00:04:18.599> guys
really when you get down to it the guys
really when you get down to it the guys
Enron<00:04:19.530> never<00:04:20.430> would<00:04:21.060> have<00:04:21.150> done<00:04:21.630> this<00:04:21.690> I<00:04:22.049> mean
Enron never would have done this I mean
Enron never would have done this I mean
this<00:04:22.289> is<00:04:22.500> so<00:04:22.860> blatant<00:04:23.669> so<00:04:24.210> extreme<00:04:24.960> you<00:04:25.740> know
this is so blatant so extreme you know
this is so blatant so extreme you know
is<00:04:26.330> anyone<00:04:27.330> paying<00:04:27.720> attention<00:04:28.310> to<00:04:29.310> some<00:04:29.520> of
is anyone paying attention to some of
is anyone paying attention to some of
the<00:04:29.699> things<00:04:29.880> these<00:04:30.120> guys<00:04:30.389> do<00:04:30.750> they<00:04:31.620> borrow
the things these guys do they borrow
the things these guys do they borrow
money<00:04:32.130> they're<00:04:32.849> not<00:04:32.880> supposed<00:04:33.360> to<00:04:33.479> but<00:04:33.690> they
money they're not supposed to but they
money they're not supposed to but they
figure<00:04:34.349> out<00:04:34.469> a<00:04:34.500> way<00:04:34.740> they<00:04:35.430> make<00:04:35.610> you<00:04:35.789> pay<00:04:36.029> more
figure out a way they make you pay more
figure out a way they make you pay more
withholding<00:04:36.900> just
withholding just
withholding just
helped<00:04:37.669> their<00:04:37.849> cash<00:04:38.089> flow<00:04:38.389> out<00:04:38.569> they<00:04:39.249> sell<00:04:40.249> off
helped their cash flow out they sell off
helped their cash flow out they sell off
the<00:04:40.699> assets<00:04:41.199> they<00:04:42.199> defer<00:04:42.619> the<00:04:42.799> payments<00:04:43.719> they
the assets they defer the payments they
the assets they defer the payments they
sell<00:04:45.349> off<00:04:45.559> the<00:04:45.889> revenues<00:04:46.309> from<00:04:46.579> tobacco<00:04:47.149> in
sell off the revenues from tobacco in
sell off the revenues from tobacco in
California<00:04:48.169> is<00:04:48.259> not<00:04:48.379> unique<00:04:48.709> impact<00:04:49.069> there's
California is not unique impact there's
California is not unique impact there's
about<00:04:49.519> five<00:04:49.699> states<00:04:50.089> that<00:04:50.239> are<00:04:50.389> worse<00:04:50.539> the
about five states that are worse the
about five states that are worse the
only<00:04:50.929> really<00:04:51.139> four<00:04:51.409> states<00:04:51.739> that<00:04:52.519> don't<00:04:52.789> face
only really four states that don't face
only really four states that don't face
this<00:04:53.659> big<00:04:53.929> challenge<00:04:54.139> so<00:04:54.469> it's<00:04:54.589> systemic
this big challenge so it's systemic
this big challenge so it's systemic
across<00:04:55.669> the<00:04:55.939> entire<00:04:56.239> country<00:04:56.539> it<00:04:57.349> really
across the entire country it really
across the entire country it really
comes<00:04:57.979> from<00:04:58.189> the<00:04:58.309> fact<00:04:58.549> that<00:04:58.699> certain
comes from the fact that certain
comes from the fact that certain
long-term<00:04:59.719> obligations<00:05:00.819> healthcare<00:05:01.819> where
long-term obligations healthcare where
long-term obligations healthcare where
innovation<00:05:02.659> makes<00:05:02.929> it<00:05:03.199> more<00:05:03.379> expensive<00:05:03.879> early
innovation makes it more expensive early
innovation makes it more expensive early
retirement<00:05:05.419> and<00:05:05.449> pension<00:05:05.539> where<00:05:06.109> the<00:05:06.199> age
retirement and pension where the age
retirement and pension where the age
structure<00:05:06.829> gets<00:05:07.219> worse<00:05:07.429> for<00:05:07.609> you<00:05:07.669> and<00:05:07.849> just
structure gets worse for you and just
structure gets worse for you and just
generosity<00:05:08.869> that<00:05:09.469> these<00:05:09.679> Mis<00:05:10.519> accounting
generosity that these Mis accounting
generosity that these Mis accounting
things<00:05:11.239> allowed<00:05:11.569> to<00:05:11.899> develop<00:05:12.469> over<00:05:12.709> time<00:05:13.029> that
things allowed to develop over time that
things allowed to develop over time that
you've<00:05:14.179> got<00:05:14.449> a<00:05:14.749> problem<00:05:15.459> this<00:05:16.459> is<00:05:16.699> the<00:05:16.849> retiree
you've got a problem this is the retiree
you've got a problem this is the retiree
health<00:05:17.809> care<00:05:17.899> benefits<00:05:18.079> 3<00:05:18.799> million<00:05:19.189> set<00:05:19.429> aside
health care benefits 3 million set aside
health care benefits 3 million set aside
sixty<00:05:20.599> two<00:05:20.779> billion<00:05:20.959> dollar<00:05:21.289> liability<00:05:21.499> much
sixty two billion dollar liability much
sixty two billion dollar liability much
worse<00:05:22.399> than<00:05:22.610> the<00:05:22.729> car<00:05:22.939> companies<00:05:23.449> and
worse than the car companies and
worse than the car companies and
everybody<00:05:23.899> looked<00:05:24.319> at<00:05:24.469> that<00:05:24.619> knew<00:05:24.979> that<00:05:25.219> that
everybody looked at that knew that that
everybody looked at that knew that that
was<00:05:25.999> headed<00:05:26.299> towards<00:05:26.599> a<00:05:26.689> huge<00:05:26.929> problem<00:05:27.469> the
was headed towards a huge problem the
was headed towards a huge problem the
forecast<00:05:29.209> for<00:05:29.449> the<00:05:29.569> medical<00:05:30.019> piece<00:05:30.199> alone<00:05:30.559> is
forecast for the medical piece alone is
forecast for the medical piece alone is
to<00:05:31.369> go<00:05:31.459> from<00:05:31.610> twenty-six<00:05:32.299> percent<00:05:32.479> of<00:05:32.779> the
to go from twenty-six percent of the
to go from twenty-six percent of the
budget<00:05:32.929> to<00:05:33.229> forty<00:05:33.499> two<00:05:33.709> percent<00:05:33.919> well<00:05:34.819> what's
budget to forty two percent well what's
budget to forty two percent well what's
going<00:05:35.149> to<00:05:35.209> give<00:05:35.479> well<00:05:36.109> in<00:05:36.199> order<00:05:36.499> to
going to give well in order to
going to give well in order to
accommodate<00:05:37.099> that<00:05:37.609> you<00:05:38.539> would<00:05:38.689> have<00:05:38.839> to<00:05:38.989> cut
accommodate that you would have to cut
accommodate that you would have to cut
education<00:05:39.409> spending<00:05:39.979> in<00:05:40.699> half<00:05:41.619> it<00:05:42.619> really<00:05:43.069> is
education spending in half it really is
education spending in half it really is
this<00:05:43.549> young<00:05:44.299> versus<00:05:44.869> the<00:05:45.049> old<00:05:45.229> to<00:05:45.769> some<00:05:46.009> degree
this young versus the old to some degree
this young versus the old to some degree
if<00:05:46.579> you<00:05:47.119> don't<00:05:47.569> change<00:05:48.259> that<00:05:48.409> revenue<00:05:48.949> picture
if you don't change that revenue picture
if you don't change that revenue picture
if<00:05:49.399> you<00:05:49.459> don't<00:05:49.669> solve<00:05:49.999> what<00:05:50.209> you're<00:05:50.329> doing<00:05:50.509> in
if you don't solve what you're doing in
if you don't solve what you're doing in
health<00:05:50.839> care<00:05:51.110> you're<00:05:51.829> going<00:05:52.069> to<00:05:52.189> be<00:05:52.309> D
health care you're going to be D
health care you're going to be D
investing<00:05:53.149> in<00:05:53.299> the<00:05:53.419> young<00:05:53.569> the<00:05:54.349> great
investing in the young the great
investing in the young the great
University<00:05:55.339> of<00:05:55.429> California<00:05:55.999> University
University of California University
University of California University
System<00:05:56.959> the<00:05:57.139> great<00:05:58.449> things<00:05:59.449> that<00:05:59.599> have<00:05:59.809> gone
System the great things that have gone
System the great things that have gone
on<00:06:00.019> won't<00:06:00.860> happen<00:06:01.179> so<00:06:02.179> far<00:06:02.419> it's<00:06:02.599> meant
on won't happen so far it's meant
on won't happen so far it's meant
layoffs<00:06:03.589> increased<00:06:04.339> class<00:06:04.549> sizes<00:06:04.610> within<00:06:05.539> the
layoffs increased class sizes within the
layoffs increased class sizes within the
education<00:06:06.379> community<00:06:06.649> there's<00:06:07.189> this
education community there's this
education community there's this
discussion<00:06:07.909> of<00:06:08.029> should<00:06:08.569> it<00:06:08.689> just<00:06:08.719> be<00:06:09.049> the
discussion of should it just be the
discussion of should it just be the
young<00:06:09.559> teachers<00:06:10.039> who<00:06:10.129> get<00:06:10.279> laid<00:06:10.489> off<00:06:10.699> or<00:06:10.999> the
young teachers who get laid off or the
young teachers who get laid off or the
less<00:06:11.360> good<00:06:11.689> teachers<00:06:12.169> who<00:06:12.289> get<00:06:12.439> laid<00:06:12.679> off<00:06:12.860> and
less good teachers who get laid off and
less good teachers who get laid off and
there's<00:06:13.309> a<00:06:13.369> discussion<00:06:13.909> if<00:06:13.999> you're<00:06:14.089> going<00:06:14.539> to
there's a discussion if you're going to
there's a discussion if you're going to
increase<00:06:14.869> class<00:06:15.199> sizes<00:06:15.499> where<00:06:16.189> do<00:06:16.339> you<00:06:16.429> do
increase class sizes where do you do
increase class sizes where do you do
that<00:06:16.849> how<00:06:17.029> much<00:06:17.149> effect<00:06:17.509> does<00:06:17.689> that<00:06:17.719> have<00:06:17.899> and
that how much effect does that have and
that how much effect does that have and
unfortunately<00:06:18.649> as<00:06:19.099> you<00:06:19.159> get<00:06:19.339> into<00:06:19.579> that
unfortunately as you get into that
unfortunately as you get into that
people<00:06:20.059> get<00:06:20.179> confused<00:06:20.659> and<00:06:20.809> think<00:06:21.019> well<00:06:21.409> maybe
people get confused and think well maybe
people get confused and think well maybe
you<00:06:21.919> think<00:06:22.129> that's<00:06:22.369> okay<00:06:22.699> in<00:06:22.909> fact<00:06:23.089> no
you think that's okay in fact no
you think that's okay in fact no
education<00:06:24.589> spending<00:06:25.069> should<00:06:25.099> not<00:06:25.489> be<00:06:25.759> cut
education spending should not be cut
education spending should not be cut
there's<00:06:26.809> ways<00:06:27.199> if<00:06:27.559> it's<00:06:27.739> temporary<00:06:28.249> to
there's ways if it's temporary to
there's ways if it's temporary to
minimize<00:06:29.389> the<00:06:29.659> impact<00:06:30.189> but<00:06:31.189> it's<00:06:31.339> a<00:06:31.429> problem
minimize the impact but it's a problem
minimize the impact but it's a problem
it's<00:06:32.209> also<00:06:32.599> really<00:06:33.139> a<00:06:33.169> problem<00:06:33.469> for<00:06:33.619> where<00:06:33.919> we
it's also really a problem for where we
it's also really a problem for where we
need<00:06:34.219> to<00:06:34.249> go<00:06:35.049> technology<00:06:36.049> has<00:06:36.259> a<00:06:36.289> role<00:06:36.619> to<00:06:36.769> play
need to go technology has a role to play
need to go technology has a role to play
well<00:06:37.219> we<00:06:37.309> need<00:06:37.489> money<00:06:37.789> to<00:06:38.389> experiment<00:06:39.079> with
well we need money to experiment with
well we need money to experiment with
that<00:06:39.349> to<00:06:39.619> get<00:06:39.769> those<00:06:39.979> those<00:06:40.369> tools<00:06:40.639> in<00:06:40.849> there
that to get those those tools in there
that to get those those tools in there
there's<00:06:41.839> the<00:06:41.989> idea<00:06:42.289> of<00:06:42.349> paying<00:06:42.649> teachers<00:06:42.860> for
there's the idea of paying teachers for
there's the idea of paying teachers for
effectiveness<00:06:43.759> measuring<00:06:44.509> them<00:06:44.689> giving<00:06:44.959> them
effectiveness measuring them giving them
effectiveness measuring them giving them
feedback<00:06:45.259> taking<00:06:45.979> videos<00:06:46.309> in<00:06:46.459> the<00:06:46.550> classroom
feedback taking videos in the classroom
feedback taking videos in the classroom
that's<00:06:47.959> something<00:06:48.379> I<00:06:48.499> think<00:06:48.709> is<00:06:48.860> very<00:06:49.159> very
that's something I think is very very
that's something I think is very very
important<00:06:49.969> Willie<00:06:50.179> you<00:06:50.479> have
important Willie you have
important Willie you have
allocate<00:06:51.490> dollars<00:06:52.389> for<00:06:52.630> that<00:06:52.750> system<00:06:53.199> and<00:06:53.530> for
allocate dollars for that system and for
allocate dollars for that system and for
the<00:06:53.800> that<00:06:54.250> incentive<00:06:54.849> pay<00:06:55.030> in<00:06:55.990> a<00:06:56.139> situation
the that incentive pay in a situation
the that incentive pay in a situation
where<00:06:56.919> we<00:06:57.009> have<00:06:57.130> growth<00:06:57.400> you<00:06:57.910> put<00:06:58.120> the<00:06:58.240> new
where we have growth you put the new
where we have growth you put the new
money<00:06:58.539> into<00:06:58.870> this<00:06:58.990> or<00:06:59.199> even<00:06:59.470> if<00:06:59.560> you're<00:06:59.710> flat
money into this or even if you're flat
money into this or even if you're flat
you<00:07:00.220> might<00:07:00.400> shift<00:07:00.729> money<00:07:00.940> into<00:07:01.330> it<00:07:01.449> but<00:07:01.870> with
you might shift money into it but with
you might shift money into it but with
the<00:07:02.110> type<00:07:02.349> of<00:07:02.380> cuts<00:07:02.830> we're<00:07:03.039> talking<00:07:03.490> about<00:07:03.729> it
the type of cuts we're talking about it
the type of cuts we're talking about it
will<00:07:04.599> be<00:07:04.630> far<00:07:05.110> far<00:07:05.410> harder<00:07:05.949> to<00:07:06.460> get<00:07:06.669> these
will be far far harder to get these
will be far far harder to get these
incentives<00:07:07.539> for<00:07:07.720> excellence<00:07:08.080> order<00:07:08.410> to<00:07:08.710> move
incentives for excellence order to move
incentives for excellence order to move
over<00:07:09.220> to<00:07:09.789> use<00:07:10.360> technology<00:07:11.229> in<00:07:11.259> the<00:07:11.500> new<00:07:11.650> way<00:07:11.830> so
over to use technology in the new way so
over to use technology in the new way so
what's<00:07:13.539> going<00:07:13.750> on<00:07:13.840> where<00:07:14.080> where's<00:07:14.470> the<00:07:14.740> brain
what's going on where where's the brain
what's going on where where's the brain
trust<00:07:16.199> that's<00:07:17.199> in<00:07:17.560> error<00:07:17.830> here<00:07:18.250> well<00:07:19.060> there
trust that's in error here well there
trust that's in error here well there
really<00:07:20.050> is<00:07:20.319> no<00:07:20.500> brain<00:07:20.770> trust<00:07:21.990> it<00:07:22.990> it's<00:07:23.650> sort<00:07:24.460> of
really is no brain trust it it's sort of
really is no brain trust it it's sort of
the<00:07:24.759> voter's<00:07:25.090> it's<00:07:25.330> sort<00:07:25.539> of<00:07:25.630> us<00:07:25.840> showing<00:07:26.530> up
the voter's it's sort of us showing up
the voter's it's sort of us showing up
you<00:07:27.130> know<00:07:27.610> just<00:07:27.909> look<00:07:28.060> at<00:07:28.180> this<00:07:28.300> spinning
you know just look at this spinning
you know just look at this spinning
California<00:07:29.199> we'll<00:07:29.289> spend<00:07:29.530> over<00:07:29.830> a<00:07:30.069> hundred
California we'll spend over a hundred
California we'll spend over a hundred
billion<00:07:31.560> Microsoft<00:07:32.759> thirty-eight<00:07:33.759> Google
billion Microsoft thirty-eight Google
billion Microsoft thirty-eight Google
about<00:07:34.810> 19<00:07:35.380> the<00:07:36.280> amount<00:07:36.550> of<00:07:36.639> IQ<00:07:37.240> and<00:07:37.569> good
about 19 the amount of IQ and good
about 19 the amount of IQ and good
numeric<00:07:38.259> analysis<00:07:38.889> both<00:07:39.099> inside<00:07:39.759> Google<00:07:40.509> and
numeric analysis both inside Google and
numeric analysis both inside Google and
Microsoft<00:07:40.750> and<00:07:41.409> outside<00:07:41.919> with<00:07:42.130> analysts<00:07:42.849> and
Microsoft and outside with analysts and
Microsoft and outside with analysts and
people<00:07:43.210> that<00:07:43.300> there<00:07:43.419> is<00:07:43.509> opinions<00:07:43.900> should
people that there is opinions should
people that there is opinions should
they<00:07:44.500> have<00:07:44.620> spent<00:07:44.860> on<00:07:45.039> that<00:07:45.250> now<00:07:45.490> they<00:07:45.669> wasted
they have spent on that now they wasted
they have spent on that now they wasted
their<00:07:46.060> money<00:07:46.150> on<00:07:46.419> this<00:07:46.599> what<00:07:46.780> about<00:07:46.990> this
their money on this what about this
their money on this what about this
thing<00:07:47.470> it<00:07:48.009> really<00:07:48.400> is<00:07:48.520> quite<00:07:48.970> phenomenal<00:07:49.500> you
thing it really is quite phenomenal you
thing it really is quite phenomenal you
know<00:07:50.620> everybody<00:07:51.280> has<00:07:51.490> an<00:07:51.699> opinion<00:07:51.819> that
know everybody has an opinion that
know everybody has an opinion that
there's<00:07:52.870> great<00:07:53.440> great<00:07:54.370> feedback<00:07:54.759> and<00:07:55.270> the
there's great great feedback and the
there's great great feedback and the
numbers<00:07:56.380> are<00:07:56.710> used<00:07:57.219> to<00:07:57.969> make<00:07:58.150> decision<00:07:58.690> if<00:07:58.870> you
numbers are used to make decision if you
numbers are used to make decision if you
go<00:07:59.349> over<00:07:59.530> to<00:07:59.560> the<00:07:59.740> education<00:08:00.310> spending<00:08:00.550> the
go over to the education spending the
go over to the education spending the
healthcare<00:08:01.240> spending<00:08:01.509> particularly<00:08:02.380> to
healthcare spending particularly to
healthcare spending particularly to
these<00:08:02.949> long-term<00:08:03.159> trends<00:08:03.880> you<00:08:04.449> don't<00:08:04.630> have
these long-term trends you don't have
these long-term trends you don't have
that<00:08:05.919> type<00:08:06.250> of<00:08:06.280> involvement<00:08:07.000> on<00:08:07.090> a<00:08:07.120> number
that type of involvement on a number
that type of involvement on a number
that's<00:08:07.719> more<00:08:07.990> important<00:08:08.620> in<00:08:08.889> terms<00:08:08.949> of<00:08:09.370> equity
that's more important in terms of equity
that's more important in terms of equity
in<00:08:10.120> terms<00:08:10.180> of<00:08:11.050> learning<00:08:11.469> so<00:08:12.250> what<00:08:12.370> do<00:08:12.430> we<00:08:12.520> need
in terms of learning so what do we need
in terms of learning so what do we need
to<00:08:12.849> do<00:08:13.259> we<00:08:14.259> need<00:08:14.409> better<00:08:14.620> tools<00:08:14.949> we<00:08:15.610> can<00:08:15.669> get
to do we need better tools we can get
to do we need better tools we can get
some<00:08:16.060> things<00:08:16.240> out<00:08:16.509> on<00:08:16.539> the<00:08:16.780> internet<00:08:17.139> I'm
some things out on the internet I'm
some things out on the internet I'm
going<00:08:17.979> to<00:08:18.039> use<00:08:18.130> my<00:08:18.340> website<00:08:18.880> to<00:08:19.210> put<00:08:19.389> up<00:08:19.509> some
going to use my website to put up some
going to use my website to put up some
things<00:08:20.409> that<00:08:20.650> will<00:08:20.740> give<00:08:20.889> the<00:08:21.069> basic<00:08:21.280> picture
things that will give the basic picture
things that will give the basic picture
we<00:08:21.940> need<00:08:22.090> lots<00:08:22.300> more<00:08:22.650> there's<00:08:23.650> a<00:08:23.740> few<00:08:23.949> good
we need lots more there's a few good
we need lots more there's a few good
books<00:08:24.310> one<00:08:24.940> about<00:08:25.270> school<00:08:25.599> spending<00:08:26.139> and
books one about school spending and
books one about school spending and
where<00:08:26.680> the<00:08:27.039> money<00:08:27.190> comes<00:08:27.460> from<00:08:27.639> how<00:08:28.060> that's
where the money comes from how that's
where the money comes from how that's
changed<00:08:29.289> over<00:08:29.440> time<00:08:29.830> and<00:08:30.069> the<00:08:30.130> challenge<00:08:30.580> we
changed over time and the challenge we
changed over time and the challenge we
need<00:08:31.509> better<00:08:31.960> accounting<00:08:32.560> we<00:08:32.919> need<00:08:33.099> to<00:08:33.310> take
need better accounting we need to take
need better accounting we need to take
the<00:08:34.029> fact<00:08:34.270> that<00:08:34.390> the<00:08:34.570> current<00:08:34.870> employees<00:08:35.289> the
the fact that the current employees the
the fact that the current employees the
future<00:08:36.039> liabilities<00:08:36.610> they<00:08:36.760> create<00:08:37.060> that
future liabilities they create that
future liabilities they create that
should<00:08:37.390> come<00:08:37.570> out<00:08:37.599> of<00:08:37.870> the<00:08:37.959> current<00:08:38.140> budget<00:08:38.409> we
should come out of the current budget we
should come out of the current budget we
need<00:08:39.520> to<00:08:39.640> understand<00:08:40.060> why<00:08:40.450> they've<00:08:41.320> done<00:08:41.589> the
need to understand why they've done the
need to understand why they've done the
pension<00:08:42.190> accounting<00:08:42.610> the<00:08:42.729> way<00:08:42.820> they<00:08:43.000> have<00:08:43.209> it
pension accounting the way they have it
pension accounting the way they have it
should<00:08:43.599> be<00:08:43.750> more<00:08:44.050> like<00:08:44.350> private<00:08:45.190> accounting
should be more like private accounting
should be more like private accounting
that's<00:08:46.029> the<00:08:46.570> gold<00:08:46.810> standard<00:08:46.930> and<00:08:47.649> finally<00:08:48.550> we
that's the gold standard and finally we
that's the gold standard and finally we
need<00:08:48.820> to<00:08:48.880> really<00:08:49.270> reward<00:08:49.630> politicians
need to really reward politicians
need to really reward politicians
whenever<00:08:50.829> they<00:08:50.980> say<00:08:51.250> there's<00:08:51.850> these<00:08:52.029> long
whenever they say there's these long
whenever they say there's these long
term<00:08:52.420> problems<00:08:52.839> we<00:08:52.930> can't<00:08:53.170> say<00:08:53.290> oh<00:08:53.320> you're<00:08:53.860> the
term problems we can't say oh you're the
term problems we can't say oh you're the
messenger<00:08:54.190> with<00:08:54.550> bad<00:08:54.700> news<00:08:54.910> we<00:08:55.480> just<00:08:55.510> shot<00:08:55.899> you
messenger with bad news we just shot you
messenger with bad news we just shot you
in<00:08:57.010> fact<00:08:57.820> there<00:08:58.000> are<00:08:58.029> some<00:08:58.480> like<00:08:59.050> these
in fact there are some like these
in fact there are some like these
Erskine<00:09:00.040> Bowles<00:09:00.070> Alan<00:09:00.730> Simpson<00:09:00.970> and<00:09:01.360> others
Erskine Bowles Alan Simpson and others
Erskine Bowles Alan Simpson and others
who've<00:09:02.050> gone<00:09:02.199> through<00:09:02.260> and<00:09:02.589> given<00:09:02.949> proposal
who've gone through and given proposal
who've gone through and given proposal
for<00:09:04.360> this<00:09:04.480> overall<00:09:05.020> federal<00:09:05.710> health<00:09:06.460> spending
for this overall federal health spending
for this overall federal health spending
state-level<00:09:07.540> problem<00:09:08.080> but<00:09:08.470> in<00:09:08.560> fact<00:09:08.740> their
state-level problem but in fact their
state-level problem but in fact their
work<00:09:09.340> sort<00:09:10.120> of<00:09:10.210> pushed<00:09:10.450> off<00:09:10.630> in<00:09:10.870> fact<00:09:11.080> the<00:09:11.200> week
work sort of pushed off in fact the week
work sort of pushed off in fact the week
afterwards<00:09:12.480> some<00:09:13.480> tax<00:09:13.720> cuts<00:09:14.050> were<00:09:14.230> done<00:09:14.440> that
afterwards some tax cuts were done that
afterwards some tax cuts were done that
that<00:09:15.040> made<00:09:15.520> the<00:09:15.730> situation<00:09:15.910> even<00:09:16.540> worse<00:09:17.130> than
that made the situation even worse than
that made the situation even worse than
their<00:09:18.280> assumptions<00:09:18.940> so<00:09:19.720> we<00:09:19.840> need<00:09:19.990> these
their assumptions so we need these
their assumptions so we need these
pieces<00:09:21.030> and<00:09:22.030> I<00:09:22.180> think<00:09:22.240> this<00:09:22.540> is<00:09:22.720> a<00:09:22.750> solvable
pieces and I think this is a solvable
pieces and I think this is a solvable
problem<00:09:23.730> you<00:09:24.730> know<00:09:24.850> it's<00:09:24.940> a<00:09:25.120> great<00:09:25.900> country
problem you know it's a great country
problem you know it's a great country
with<00:09:26.530> lots<00:09:26.800> of<00:09:27.040> people<00:09:27.850> but<00:09:28.090> we<00:09:28.180> have<00:09:28.480> to<00:09:28.690> draw
with lots of people but we have to draw
with lots of people but we have to draw
those<00:09:30.100> people<00:09:30.610> in<00:09:30.880> because<00:09:31.630> this<00:09:32.110> is<00:09:32.350> about
those people in because this is about
those people in because this is about
education<00:09:33.030> and<00:09:34.030> just<00:09:34.330> looked<00:09:34.570> at<00:09:34.690> what<00:09:34.870> the
education and just looked at what the
education and just looked at what the
tuitions<00:09:35.530> happened<00:09:36.010> with<00:09:36.580> the<00:09:36.700> University<00:09:37.090> of
tuitions happened with the University of
tuitions happened with the University of
California<00:09:37.210> and<00:09:37.720> project<00:09:38.140> that<00:09:38.290> out<00:09:38.500> for
California and project that out for
California and project that out for
another<00:09:39.280> three<00:09:39.730> four<00:09:40.000> or<00:09:40.060> five<00:09:40.240> years<00:09:40.570> it's
another three four or five years it's
another three four or five years it's
unaffordable<00:09:41.670> and<00:09:42.870> that's<00:09:43.870> what<00:09:44.260> that's<00:09:44.770> the
unaffordable and that's what that's the
unaffordable and that's what that's the
kind<00:09:45.340> of<00:09:45.460> thing<00:09:45.670> the<00:09:46.030> investment<00:09:46.690> in<00:09:46.780> the
kind of thing the investment in the
kind of thing the investment in the
young<00:09:47.050> that<00:09:47.800> makes<00:09:48.100> us<00:09:48.310> great<00:09:48.610> allows<00:09:49.030> us<00:09:49.240> to
young that makes us great allows us to
young that makes us great allows us to
contribute<00:09:49.780> it<00:09:50.080> allows<00:09:50.260> us<00:09:50.290> to<00:09:50.530> do<00:09:50.860> the<00:09:51.520> art
contribute it allows us to do the art
contribute it allows us to do the art
the<00:09:52.380> biotechnology<00:09:53.380> the<00:09:53.890> software<00:09:54.430> and<00:09:54.610> all
the biotechnology the software and all
the biotechnology the software and all
those<00:09:55.000> those<00:09:55.570> magic<00:09:56.050> things<00:09:56.320> and<00:09:56.680> so<00:09:57.670> the
those those magic things and so the
those those magic things and so the
bottom<00:09:58.930> line<00:09:58.960> is<00:09:59.500> we<00:10:00.430> need<00:10:00.460> to<00:10:00.730> care<00:10:00.940> about
bottom line is we need to care about
bottom line is we need to care about
state<00:10:01.420> budgets<00:10:01.680> because<00:10:02.680> they're<00:10:02.830> critical
state budgets because they're critical
state budgets because they're critical
for<00:10:03.790> our<00:10:03.820> kids<00:10:04.150> in<00:10:04.330> our<00:10:04.420> future<00:10:04.920> thank<00:10:05.920> you
for our kids in our future thank you
for our kids in our future thank you
[Applause]
[Music]
[Music]
[Music]
when<00:10:18.710> I<00:10:18.740> think<00:10:18.890> about<00:10:19.070> succeeding<00:10:19.730> in
when I think about succeeding in
when I think about succeeding in
business<00:10:20.180> I<00:10:20.360> think<00:10:20.570> there's<00:10:20.720> a<00:10:20.930> couple<00:10:21.140> of
business I think there's a couple of
business I think there's a couple of
considerations<00:10:22.340> first<00:10:23.210> and<00:10:23.390> foremost<00:10:23.660> is
considerations first and foremost is
considerations first and foremost is
teamwork
teamwork
teamwork
today's<00:10:24.890> problems<00:10:25.370> are<00:10:25.520> just<00:10:25.700> too
today's problems are just too
today's problems are just too
complicated<00:10:26.390> to<00:10:26.960> be<00:10:27.080> solved<00:10:27.500> as<00:10:27.680> an
complicated to be solved as an
complicated to be solved as an
individual<00:10:28.520> and<00:10:28.730> the<00:10:28.880> opportunity<00:10:29.390> to<00:10:29.480> work
individual and the opportunity to work
individual and the opportunity to work
with<00:10:29.690> others<00:10:30.280> collaboratively<00:10:31.280> where<00:10:31.580> you
with others collaboratively where you
with others collaboratively where you
can<00:10:31.820> build<00:10:31.970> on<00:10:32.120> each<00:10:32.150> other's<00:10:32.510> ideas<00:10:32.660> I<00:10:33.020> think
can build on each other's ideas I think
can build on each other's ideas I think
is<00:10:33.320> particularly<00:10:33.650> important<00:10:34.250> I<00:10:34.430> think<00:10:34.640> a
is particularly important I think a
is particularly important I think a
second<00:10:35.150> area<00:10:35.330> that's<00:10:35.780> quite<00:10:36.050> important<00:10:36.560> is
second area that's quite important is
second area that's quite important is
the<00:10:37.190> understanding<00:10:37.940> of<00:10:38.120> different
the understanding of different
the understanding of different
disciplines<00:10:39.620> it<00:10:39.830> is<00:10:39.980> critical<00:10:40.430> that<00:10:40.460> one<00:10:40.910> be
disciplines it is critical that one be
disciplines it is critical that one be
an<00:10:41.180> expert<00:10:41.570> in<00:10:41.810> your<00:10:42.530> major<00:10:42.770> but<00:10:43.490> it<00:10:43.640> is
an expert in your major but it is
an expert in your major but it is
absolutely<00:10:44.420> essential<00:10:44.690> that<00:10:45.230> you<00:10:45.350> have<00:10:45.380> the
absolutely essential that you have the
absolutely essential that you have the
ability<00:10:46.010> to<00:10:46.510> understand<00:10:47.510> where<00:10:48.050> other
ability to understand where other
ability to understand where other
disciplines<00:10:48.980> the<00:10:49.310> input<00:10:49.580> from<00:10:49.910> other
disciplines the input from other
disciplines the input from other
disciplines<00:10:50.270> and<00:10:50.780> be<00:10:50.900> able<00:10:50.990> to<00:10:51.230> incorporate
disciplines and be able to incorporate
disciplines and be able to incorporate
that<00:10:52.040> to<00:10:52.850> make<00:10:52.970> effective<00:10:53.450> decisions<00:10:53.510> and
that to make effective decisions and
that to make effective decisions and
then<00:10:54.770> last<00:10:55.010> but<00:10:55.100> not<00:10:55.250> least<00:10:55.670> we<00:10:56.330> are<00:10:56.540> in<00:10:56.780> a
then last but not least we are in a
then last but not least we are in a
global<00:10:57.020> business<00:10:57.410> community<00:10:58.100> and<00:10:58.280> so<00:10:58.580> the
global business community and so the
global business community and so the
opportunity<00:10:59.360> to<00:10:59.740> understand<00:11:01.390> cultures
opportunity to understand cultures
opportunity to understand cultures
different<00:11:02.810> cultures<00:11:03.230> around<00:11:03.380> the<00:11:03.620> world<00:11:03.710> to
different cultures around the world to
different cultures around the world to
be<00:11:04.220> able<00:11:04.370> to<00:11:04.460> incorporate<00:11:05.120> some<00:11:05.690> of<00:11:05.720> the
be able to incorporate some of the
be able to incorporate some of the
learning<00:11:06.410> from<00:11:06.560> those<00:11:06.710> cultures<00:11:07.250> and<00:11:07.460> to
learning from those cultures and to
learning from those cultures and to
incorporate<00:11:08.030> that<00:11:08.390> into<00:11:08.600> your<00:11:08.690> business
incorporate that into your business
incorporate that into your business
decisions<00:11:09.620> is<00:11:09.800> essential<00:11:10.280> to<00:11:10.430> success<00:11:10.820> I<00:11:11.120> have
decisions is essential to success I have
decisions is essential to success I have
three<00:11:11.870> degrees<00:11:11.990> from<00:11:12.170> Cornell<00:11:12.650> so<00:11:12.800> I'd<00:11:12.950> say
three degrees from Cornell so I'd say
three degrees from Cornell so I'd say
just<00:11:13.460> about<00:11:13.580> everything<00:11:14.000> that<00:11:14.210> has<00:11:14.570> prepared
just about everything that has prepared
just about everything that has prepared
me<00:11:15.140> came<00:11:15.350> from<00:11:15.380> Cornell<00:11:15.920> and<00:11:16.160> I<00:11:16.310> am<00:11:16.460> indebted
me came from Cornell and I am indebted
me came from Cornell and I am indebted
to<00:11:17.060> the<00:11:17.480> University<00:11:18.050> for<00:11:18.200> that<00:11:18.260> experience
to the University for that experience
to the University for that experience
but<00:11:19.370> as<00:11:19.490> I<00:11:19.580> think<00:11:19.790> particularly<00:11:20.180> about<00:11:20.570> my
but as I think particularly about my
but as I think particularly about my
business<00:11:21.050> school<00:11:21.410> career<00:11:21.980> I<00:11:22.220> think<00:11:22.910> the
business school career I think the
business school career I think the
exposure<00:11:23.630> to<00:11:24.050> a<00:11:24.080> variety<00:11:24.530> of<00:11:24.800> disciplines<00:11:25.190> the
exposure to a variety of disciplines the
exposure to a variety of disciplines the
wealth<00:11:26.120> of<00:11:26.270> resources<00:11:26.900> across<00:11:27.050> the
wealth of resources across the
wealth of resources across the
university
university
university
we're<00:11:28.400> exceptionally<00:11:28.970> helpful
Bill Gates, education, budget, state, budget, accounting, health, care, pension, education, finance, United, States, education, civics, money, economics, TED, TED, Talk, TED-Ed, TEDEducation, Ed
