Overview:
EdMonth is a grassroots initiative led by college students to foster dialogue and promote change in the US education system. This summary presents key aspects of the event, including its goals, activities, and influential guest speakers.

EdMonth’s Mission:
Promotes open discussions on the state of education in the US, focusing on the impact of policy, race and ethnicity, global technology, and the arts. Aims to engage students as change agents for educational reform through interactive activities and events.

EdMonth’s Activities:
The formal EdMonth event takes place during the first two weeks of March each year. EdMonth’s events have featured influential figures in educational reform, such as Wendy Kopp, John Daisy, and leaders of the charter school movement. Past discussions focused on solutions and effective strategies for educational reform.

Guest Speaker Messages:
John Legend, an advocate for educational fairness, expressed his appreciation for the work of Geoffrey Canada and Stan Druckenmiller in reforming the education system. Legend highlighted the impact of the Harlem Children’s Zone in New York City and his personal connection to the city. He offered his support and willingness to assist in the efforts of educational reform.

Professor David Belasco:
Professor Belasco serves as the co-director of the Lloyd Greif Center for Entrepreneurial Studies at USC. He has been a partner and faculty advisor to EdMonth since its inception, bringing influential speakers to the USC campus. His popular class, The Leap, is among the most attended and appreciated courses at the university.

Introduction:
USC’s Marshall School of Business’ Greif Center hosted a discussion on generational equity, with Dave Belasco, co-director of the Greif Center, as the moderator.

Attendees:
Notable figures from education, including Dean Karen Gallagher of USC’s Rossier School of Education, representatives from UCLA, LMU, Teach for America, KIPP, Green Dot, Camino Nuevo, and Valor, were present. Prominent figures from finance, such as Stanley Druckenmiller, founder of Duquesne Capital, and Jeffrey Canada, CEO of the Harlem Children’s Zone, participated in the event.

Background:
Belasco highlighted the Greif Center’s mission to train entrepreneurs and emphasized its recent ranking as the number two entrepreneurial program in the country by U.S. News and World Report. The event aimed to explore entrepreneurship across various fields, including education, and to recognize the efforts of educators.

Jeffrey Canada’s Work:
Canada described the challenges faced in Central Harlem, where failure was prevalent, with poor schools, healthcare, and rampant violence. He explained his approach to tackling these issues by focusing on small, incremental improvements, block by block. Canada emphasized their commitment to supporting children and ensuring their college graduation, with failure being non-negotiable. Their work has expanded to impact over 10,000 children across 60-70 to 80-97 blocks.

Generational Equity Discussion:
The event planned to delve into generational equity, with Stan Druckenmiller presenting slides on the topic. The discussion aimed to lay the groundwork for an open Q&A session, with a focus on student inquiries. Text polling was planned to gauge the effectiveness of the messaging and audience engagement.

Conclusion:
The event concluded with a final Q&A, expressing gratitude to the speakers. Canada and Druckenmiller agreed to stay for a brief period to interact with attendees despite having an early flight back to New York.

Key Concepts:
Generational equity refers to the net benefits transferred from one generation to the next through government programs.

Generational Disparity in Benefits:
A study revealed that an average 65-year-old in the United States is set to receive $325,000 more in benefits than they contributed during their lifetime. Conversely, an unborn child or a millennial is expected to pay $400,000 more in taxes than they will receive in benefits. Millennials, though not as significantly as the unborn, are also expected to be net payers.

Implications for Social Justice:
The $700,000 transfer from future generations to the current generation represents a concerning trend of generational inequity.

Personal Motivation for Advocacy:
Geoffrey Canada, a philanthropist working with underprivileged children in Harlem, explains his commitment to addressing this issue.

The American Dream and Generational Equity:
Canada emphasizes the importance of ensuring that the American dream remains accessible to all, regardless of socioeconomic background. Both Canada and Druckenmiller believe that the current generational inequity violates the fundamental principles of the American dream. They advocate for a system where individuals can achieve their full potential and the American dream is attainable for everyone.

The Unfair System:
Geoffrey Canada, a renowned advocate for underprivileged children, expressed his concern about a fundamental flaw in the system. He highlighted the inherent unfairness of promising a fair and equitable system to young people, only to have their generation take away their opportunities.

Broken Promises:
The future of Harlem Children’s Zone’s 1,000 college students is at stake due to the unfairness of the current system. The promise of a job upon graduation becomes void if the underlying issues are not addressed.

A Call for Action:
Canada’s involvement in this issue stems from his belief in equity and the importance of fulfilling promises made to young people. The sequester’s impact on programs like Head Start and food stamps further motivated Stan Druckenmiller to raise awareness.

The Importance of Facts:
Druckenmiller emphasizes the apolitical nature of the facts surrounding this issue. He aims to present objective data that demonstrates the severity of the problem.

A Promise to Harlem’s Youth:
The Harlem Children’s Zone promises its three-year-olds a job upon college graduation if they follow the rules and avoid negative influences. The fulfillment of this promise is jeopardized by the systemic unfairness that Druckenmiller and Canada are working to address.

Geoffrey Canada’s Inspiration for the Harlem Children’s Zone:
People, familiar with the conditions in Harlem, believed it exemplified everything wrong with the Black community. Harlem’s children faced grim outcomes: high rates of incarceration, low graduation rates, and limited college attendance. Their community was physically decaying and lacked basic care.

Conditions in Harlem:
Abandoned buildings were common, and the living conditions for young people were deplorable. Geoffrey Canada related these conditions to his own childhood in the South Bronx, where it seemed no one cared about improving the lives of children.

The Need for Comprehensive Intervention:
Beyond education, Geoffrey Canada realized the need to address the crumbling community infrastructure. The Harlem Children’s Zone (HCZ) aimed to create block and tenant associations, support parents with brain science knowledge, and offer a pipeline to college.

College Graduation as the Goal:
The HCZ emphasized college graduation as the ultimate goal, challenging low expectations for children in the community. Geoffrey Canada advocated for this approach, believing in the potential of all children and the importance of high expectations.

Fundraising and the Influence of Wealthy Donors:
Geoffrey Canada’s fundraising efforts led him to interact with wealthy individuals who had high expectations for their children. Observing that affluent parents universally expected their children to attend college, Canada questioned why this expectation shouldn’t apply to children in the HCZ.

Extending the American Dream:
The success of the HCZ’s college-focused approach led to the belief that it could serve as a national model for transforming struggling communities. Canada emphasized the need to create a new American dream that included high expectations and opportunities for all children, regardless of their background.

Waiting for Superman:
The title of the movie, “Waiting for Superman,” captures the sense of desperation felt by children living in challenging environments, who yearn for a superhero to save them from their circumstances. Geoffrey Canada’s story highlights the need to address the realities of children’s lives and ensure that they receive the support and opportunities they need to succeed.

Essential Elements of Great Schools:
Use data to measure student progress and teacher effectiveness. Recruit and train highly qualified teachers. Implement evidence-based educational practices. Embrace innovation and risk-taking.

The Importance of Summer School:
Research shows that students lose ground academically during the summer months. No school district in the United States currently provides year-round schooling for all students. Canada believes that summer school is a necessary intervention to help students catch up and stay on track.

Innovation and Risk-taking in Education:
Innovation is essential for improving education, but it is often stifled by a fear of failure. In other industries, failure is seen as a necessary part of the innovation process. Canada believes that educators should be encouraged to take risks and try new things, even if they fail.

The Harlem Children’s Zone:
The Harlem Children’s Zone (HCZ) is a non-profit organization that provides comprehensive support to children and families in Harlem, New York. HCZ’s goal is to help children in Harlem succeed in school and go on to college. The organization offers a variety of programs and services, including early childhood education, after-school programs, college counseling, and job training.

HCZ’s Results:
Before HCZ was founded, the high school graduation rate in Harlem was around 30%. Today, the high school graduation rate for students in HCZ’s programs is in the high 90s. Before HCZ, only 13-14% of high school graduates in Harlem went on to college. Today, 83% of HCZ’s high school graduates attend college.

Middle-Class Standards for All Children:
Geoffrey Canada emphasizes the need to provide the same level of academic, social, and community support for low-income children as is typically available to middle and upper-middle-class children. He states that the best educational outcomes in the US are achieved at this level, and that this should be the foundation for all children.

Replicating Middle-Class Advantages for Poor Kids:
Canada argues that many interventions and resources that are commonly available to middle-class families, such as counseling, healthcare, nutrition, and parental support, are essential for the success of low-income children. He challenges the idea that these things are extraordinary and should only be provided to wealthy families.

The Cost of Neglect:
Canada highlights the high cost of not investing in poor children’s education and support, pointing to the significant expense of incarceration as a consequence of failing to provide these services. He emphasizes that the cost of incarceration in New York State, which can reach $80,000 per year, far exceeds the investment required to provide comprehensive support for low-income children.

Geoffrey Canada’s Innovative Approach to Education and Community Transformation:
In Geoffrey Canada’s view, the $147,000 spent to incarcerate someone in New York City stands in stark contrast to the $5,000 required to provide comprehensive support for children’s education, health, and well-being. He emphasizes the critical need to shift priorities towards investing in these children, rather than relying on an unsustainable and costly prison system. Canada highlights the potential for scalability of successful models, such as the Harlem Children’s Zone, and the importance of equity in ensuring these investments reach the most vulnerable communities.

The Unlikely Partnership Between Geoffrey Canada and Stan Druckenmiller:
The genesis of their partnership began when Stan Druckenmiller, a member of the Robin Hood Foundation, visited the Harlem Children’s Zone and was impressed by the dedication of three African-American Bowdoin graduates, including Canada. Druckenmiller, initially drawn to Canada’s inspiring leadership and commitment to improving the lives of Harlem’s children, was willing to take a significant financial risk to support the organization. Over the years, their collaboration led to the ambitious expansion of the Harlem Children’s Zone and its groundbreaking impact on the community.

Stan Druckenmiller’s unwavering belief in Geoffrey Canada and the Harlem Children’s Zone:
Druckenmiller recognized Canada’s exceptional qualities and leadership abilities, trusting him to guide the organization towards ambitious goals, even when the financial requirements seemed daunting. He supported Canada’s vision, providing funding and strategic guidance, and actively participated in shaping the organization’s future by rebuilding its board of directors. Druckenmiller’s unwavering commitment to the Harlem Children’s Zone solidified their partnership and enabled its remarkable growth and success.

The Impact of the Partnership on the Harlem Community:
Canada and Druckenmiller’s collaboration has transformed the Harlem Children’s Zone into a nationally recognized model for addressing the complex challenges facing underprivileged communities. The organization’s comprehensive approach, spanning education, healthcare, and social services, has significantly improved the lives of children and families in Harlem. Their partnership serves as a testament to the power of collaboration between individuals from diverse backgrounds, united by a common goal of creating positive change and empowering communities.

Career Beginnings:
Stan Druckenmiller, a successful hedge fund manager, initially aspired to be an English professor after majoring in English in college. He transitioned to studying economics in his junior year and developed a passion for the subject, pursuing a PhD in economics before dropping out after a semester and a half.

Hedge Fund Management:
Druckenmiller started his hedge fund, Duquesne Capital, in 1981 at the age of 28 with $900,000 in capital.

Achieving Success:
His investment philosophy focused on risk control, concentrating investments in a few high-conviction ideas rather than diversifying widely. He emphasizes the importance of evaluating securities based on their potential value in the future rather than relying solely on historical data.
Philanthropy:
In 2008-2009, Druckenmiller made significant philanthropic contributions, giving away $700 million to foundations supporting medical research, education, and anti-poverty initiatives. His motivation for giving stemmed from a desire to make a meaningful impact during his lifetime and find fulfillment in shaping and directing positive change.

Generational Equity:
The presentation focused on the concept of generational equity, exploring how current societal structures may benefit some generations at the expense of others. Druckenmiller presented slides on intergenerational wealth transfers, emphasizing the importance of creating long-term solutions to address these issues.

Historical Context:
Stan Druckenmiller highlights his and Jeff’s experience growing up during challenging times, including assassinations, the Vietnam War, and the threat of being drafted. The youth of that era united and brought down President Lyndon Johnson and contributed to the downfall of President Nixon.

Present Danger:
Druckenmiller draws a parallel between the dangers faced by his generation and the challenges confronting the current generation. He emphasizes that the threat today, while not as obvious as facing bullets in rice paddies, is still very serious.

Termite Analogy:
Druckenmiller uses the analogy of termites to illustrate the gradual but devastating consequences of wealth transfer. He emphasizes that whether a house is blown up overnight or eaten by termites over time, the outcome is the same – the loss of the house.

Objective:
Druckenmiller aims to inform the audience about the ongoing wealth transfer from the younger generation to the older generation.

Call to Action:
While he acknowledges his limitations in starting a movement, he urges the younger generation to take action. He encourages them to understand the issue and to take steps to address and prevent the wealth transfer from eroding their own financial futures.

Demographic Shift:
Warning of worsening demographics due to the rising share of baby boomers taking a larger share of resources from younger generations.

Federal Budget Outlays:
Proportion of federal budget allocated to transfer payments and entitlements has increased significantly over the last 40 years, rising from 28% to 68%.

Government Spending Allocation:
Government spending has shifted towards the elderly, with the share going to them increasing from 20% to 50% since 1960, while the share for children has decreased from 20% to 15%.

Poverty Rates:
Poverty rate among the elderly has declined significantly due to government spending and programs, dropping from 30% to 9%. In contrast, the poverty rate among children has increased from 20% to 23% over the same period.

International Comparison:
The United States has the second-highest child poverty rate among the top 35 countries, despite its wealth.

Age Spending:
Government spending on the elderly has outpaced spending on the working-age population. A 90-year-old today spends 140% of what an average 45-year-old earns, while in 1960, a 90-year-old spent 50% of what a 45-year-old earned. Much of the increase in spending on the elderly goes towards public and private health expenses.

Wealth Disparity between Age Groups:
* The net worth of the average 30-year-old in 1983 was higher than that of the average 30-year-old in 2010.
* In contrast, the net worth of the average 75-year-old has more than doubled over the same period.
* This indicates a significant transfer of wealth and spending toward the elderly in the United States.

Demographic Shift:
* Post-World War II, the birth rate in the United States averaged around 3.0 children per woman, peaking at 3.7 in 1957.
* In contrast, the current birth rate has dropped to around 2 children per woman.
* This decline in birth rate has led to a significant demographic shift, with a large proportion of the population aging.

Consequences of Demographic Shift:
* Over the next 22 years, 11,000 seniors will be added to entitlement payrolls every day due to the aging population.
* In 2030, the average population in the United States is projected to be older than the current average population of Florida.
* The working-age population supporting the elderly through entitlements is expected to drop by half by 2030.

Fiscal Gap and Implications for the Future:
* The gap between government outlays (primarily driven by entitlements) and revenues is projected to continue growing.
* If off-balance sheet government debts are accounted for, the actual debt is estimated to be around $205 trillion, much higher than the commonly cited $17 trillion.
* The younger generation is projected to bear the burden of this fiscal gap, with future seniors receiving less in benefits compared to what current seniors have received.

Political Challenges:
* President Obama’s stance on not burdening seniors with fiscal adjustments is challenged by the significant equity gap between current and future seniors.
* Republicans, while advocating for cuts, are not addressing the primary source of the issue, which is entitlements.

Call for Action:
* The significant wealth disparity and demographic challenges require a comprehensive and balanced approach to ensure a fair and sustainable future for all generations.

Demographic Trends and Fiscal Gap:
Spending on Medicare, Medicaid, and Social Security will increase by $875 billion in the next 10 years, while only $6 billion will go to children’s programs. To fix the fiscal gap of $205 trillion, taxes would need to be raised by 55% or spending cut by 36%. Waiting 30 years to address this issue will increase the required tax increase to 71.6% and expenditure cuts to 44%.

Investments and Transfer Payments:
Government investments in education, infrastructure, and R&D have led to innovations like the interstate highway system, GPS, the internet, and the Human Genome Project. While transfer payments to the elderly have increased, investments in these areas have been cut, which Stan Druckenmiller considers a poor trade-off.

Capital Gains Tax and Economic Decisions:
Capital gains and dividends are subsidized by the young to the old, as older individuals have accumulated more wealth and pay lower tax rates on investment income. Druckenmiller suggests raising capital gains and dividend rates to match ordinary income tax rates. He also advocates reducing the corporate tax rate to zero to encourage economic decisions based on market factors rather than tax avoidance strategies.

Defense Spending and National Priorities:
The U.S. spends more on defense than the next 13 countries combined, allocating 20% of its federal budget to defense compared to 2% on education. The estimated cost of the wars in Iraq, Afghanistan, and Pakistan is $2.5 trillion, with some estimates reaching $6 trillion when indirect costs are included. Geoffrey Canada emphasizes the importance of investing in education and workforce development to prepare for future global competition. Both Druckenmiller and Canada agree that defense spending could be reduced, but it represents a small portion compared to the growth in entitlement spending.

Addressing Educational Outcomes:
Isabella, a first-grader in Harlem, raises the question of what happens to Teach for America students after college graduation. Geoffrey Canada acknowledges the impact of macro forces on employment and unemployment, particularly for students from disadvantaged backgrounds. The board of Teach for America is concerned about providing students with the tools to compete equally in the job market.

Labor Market Challenges and Job Readiness:
Geoffrey Canada expresses concern about the current labor market and its impact on job opportunities for his students. Despite these challenges, Canada emphasizes the importance of preparing students to fiercely compete for jobs. While job guarantees cannot be made, Canada stresses the importance of connecting students to internships and other opportunities that enhance their employability.

Investments in Growth and Public-Private Partnerships:
Canada emphasizes the need for continued investments in growth, driven by a combination of public and private sector investments. He highlights the role of public funding in supporting private sector job creation.

Accountability and Success in Promise Neighborhoods:
Canada insists on the importance of private sector investment in Promise Neighborhoods to ensure accountability. He emphasizes that funding from the private sector creates a vested interest in ensuring the success of these initiatives. Among the 10 Promise Neighborhoods operating for a year, about a third are doing well, a third are showing potential, and a third are struggling.

Emergency Room Analogy for Promise Neighborhoods:
Canada compares Promise Neighborhoods to emergency rooms, essential for communities even if not always excellent. He suggests that some Promise Neighborhoods will be successful while others may need improvement. Canada believes in the potential of these initiatives to revitalize struggling communities.

Question about Education’s Relevance:
Nick Lingenfelter, a veteran and MBA student, asks how to convince his peers about the importance of education, beyond the cost-benefit analysis of postgraduate degrees.

Global Competition:
Stan Druckenmiller emphasizes the competitive challenges from countries like China, India, and Brazil, which necessitate a focus on education for innovation and economic success.

Knowledge Economy:
Stan Druckenmiller highlights that intellectual content and knowledge are increasingly crucial in today’s society, making education more relevant than ever before.

Investing in the Common Good:
Geoffrey Canada stresses the significance of addressing education for the collective well-being of society, as it affects business climate, safety, and security.

Impact of Failed States and Cities:
Geoffrey Canada draws attention to failed states and cities where education has been neglected, leading to significant societal issues.

Balancing Personal and Collective Goals:
Geoffrey Canada acknowledges the tension between personal career goals and contributing to the common good.

Urgency of Action:
Geoffrey Canada emphasizes the need for immediate action to address education challenges, as waiting could have detrimental effects on future generations.

Current Issues:
There is significant generational inequity, with the younger generation facing challenges due to the current social security system. There is a need to find a solution to address this inequity.

Social Security Concerns:
The speaker raises concerns about the current social security system, particularly the idea of exempting individuals above a certain age from sacrifices to prepare for the future. The speaker emphasizes that sacrificing for the greater good is essential, regardless of age.

Means Testing:
The speaker discusses the possibility of means testing social security and Medicaid, but acknowledges that this approach could lead to a breakdown of the system.

Medical Costs:
The speaker identifies medical costs as the significant factor contributing to the problem. Malpractice insurance reform is suggested as a solution, as it can reduce the financial burden on the medical system and discourage unnecessary tests. The speaker emphasizes the importance of patient involvement in medical costs, suggesting that increasing co-payments and treating patients as customers could lead to more responsible healthcare spending.

Other Solutions:
The speaker mentions additional potential solutions, such as adjusting capital gains tax and reducing defense spending, to address the generational inequity issue.

Conclusion:
The speaker highlights the urgency of addressing generational inequity and offers insights into potential solutions, emphasizing the need for a comprehensive approach to tackle the challenges in the current social security and healthcare systems.

Education Investment Strategies:
Geoffrey Canada suggests focusing on the accountability and effectiveness of teachers in education schools to ensure their positive impact on students. Stan Druckenmiller emphasizes the importance of K through 12 education, highlighting expectations as a key factor in student success.

Education Costs:
Canada raises concerns about the escalating costs of higher education and the need to examine whether the investments made by young people yield reasonable returns.

Political Engagement:
Raphael, a former colleague of Stan Druckenmiller, expresses his desire to create positive change in inequitable systems, particularly in education. Millennial disengagement from politics is recognized as a challenge.

Unintended Consequences:
Druckenmiller points out the unintended consequences of subsidization in higher education, leading to rising costs and students feeling the financial burden later.

Social Media and Political Influence:
Druckenmiller stresses the power of social media and the potential for 70 million millennials to influence political change. He urges millennials to recognize the urgency of addressing pressing issues, including the growing national debt and the impact on future job opportunities.

Overcoming Obstacles:
Druckenmiller acknowledges that older generations have more voting power and influence, but he encourages millennials to fight for their priorities and not be intimidated.

Inspiration and Solutions:
Canada and Druckenmiller express their belief in the potential of young people to find innovative solutions to political challenges. Druckenmiller suggests that ignorance, rather than greed, may be a factor in the lack of support for addressing the national debt issue.

Generational Transformation:
Canada discusses the significant changes that have taken place in the country, moving away from the violent struggles of the past. He emphasizes the importance of the current generation being unburdened by the baggage of the previous generation.

Modest Reforms for Equitable Generations:
Canada clarifies that the focus is not on depriving seniors of essential benefits like Medicaid or Social Security. Instead, the proposal involves modest reforms aimed at achieving equity among generations.

Tools for Progress:
In contrast to the 1960s, Canada believes that the current generation possesses tools that enable them to drive this movement forward.

Budget Debates and Arguments:
He warns that ongoing budget debates and arguments will likely fail to address the issue unless individuals take action.

Individuals’ Power and Influence:
Canada emphasizes the significant power and influence that individuals possess, particularly within the current generation, which he considers the most creative in history.

Commitment to the Cause:
Canada reiterates that he and his associates have no personal motives but genuinely believe in the importance of solving this issue for the benefit of the country.

Predictive Charts:
Canada describes Stan’s demonstration of charts, which accurately predicted the timing of past events such as the mortgage crisis.

Urgency for Action:
He emphasizes the need for action, as inaction led to near destruction during the mortgage crisis.

Trusting the People:
Acknowledging that Washington may not be receptive to their cause, Canada expresses trust in the people directly impacted by the issue, believing that they will act and do the right thing to save America.

Introduction:
In a rare and auspicious event, the University of Southern California (USC) hosted a ceremony to honor Jeffrey Canada and Stanley Druckenmiller, two extraordinary individuals who embody the ideals of a true Trojan.

Gratitude and Recognition:
The event organizers expressed immense gratitude to Dick and Brian Werdesheim, who played a crucial role in bringing these esteemed guests to USC. The Werdesheim family’s dedication to USC and their efforts in organizing the event were acknowledged and appreciated.

USC’s Ideal Traits:
USC holds five traits as the ideals for its students and faculty: faithfulness, scholarship, skillfulness, courage, and ambition. The statue of Tommy Trojan, the university’s leader and mascot, bears these traits inscribed on its back.

Presentation of Awards:
In recognition of their exemplary embodiment of these traits, USC presented Jeffrey Canada and Stanley Druckenmiller with Trojan Awards. The awards symbolized the university’s appreciation for their inspiring achievements and successful contributions.

Appreciation and Farewell:
The audience expressed their admiration and gratitude once again for Jeffrey Canada and Stanley Druckenmiller. The ceremony concluded with a warm farewell and пожелания good night to the honored guests.

Conclusion:
The USC Trojan Award Ceremony served as a testament to the university’s values and its recognition of individuals who exemplify the ideals of a true Trojan. Jeffrey Canada and Stanley Druckenmiller’s contributions and achievements were celebrated, leaving a lasting legacy of inspiration and excellence at USC.