http://wlos.com/shared/newsroom/top_stories/wlos_vid_2420.shtml


Cherokee Minor's Trust Fund Losing Money

The Cherokee community is outraged after the tribe took a gamble and lost.

Each year, the tribe invests profits from Harrah's Cherokee Casino in the stock market. But this year they lost almost $60 million in earned interest off the minors trust fund. That fund guarantees that each child gets about $80,000 once they graduate from high school. When the stock market tanked, it showed up in the kids' accounts.

Tribe members say older children lose money on the interest gained, like Johnny George's teenage grandson. "They took $20,376.16 out of it," he fumes. George's grandson still gets about $78,000 but he says it's the younger kids whose money is being deducted from the principal amount in order to pay the older children. Many parents worry that money won't ever be replenished.

Chief Michell Hicks says the principal balance was not affected and every child will still get $80,000. He thinks it's all about politics. "I mean, we're in an election year and there are individuals who are trying to get some mileage out of making tribal leaders look bad."

Chief Hicks issued an executive order last month that says the tribe will temporarily stop putting money in the stock market. He says the tribe may rethink their investment strategies.Cherokee Parents Meet Over Lost Money (4/8/09)


Wouldn't you like to get $80,000 when you graduate highschool? Wouldn't that be incentive for you to graduate? Do you think they have a high or low drop out rate?

I don't feel sorry for them, not one bit. :)

No kidding, think I got aprox 400 bucks from all my grad gifts combined ;P

Highschool isn't enough. That diploma will get them a job making min wage (see the other thread). 10 percent of all people in this country without a 4 year degree are unemployed compared to 2 percent unemployment in the college educated.

In truth, many retailers are reporting higher sales than expected and the low mortgage and interest rates are bringing home sales rates back up. Locally my business is finally ramping up after a slow Feb and March (Jan would have been slow had I not had all that inagural coverage). I'm thinking we're getting close to the bottom of this mess.

But for those who think they don't need a high school or college education, they'll be stuck in this depression forever.

They had better start worrying about their base income too. A friend of mine getting a monthly stipend from her tribe (not the Cherokee) has seen it steadily decline as the casino income has been dropping with the crappy economy. Surprise, surprise, people tend not to gamble as much when they are out of work or afraid they may become so.

Wouldn't you like to get $80,000 when you graduate highschool? Wouldn't that be incentive for you to graduate? Do you think they have a high or low drop out rate?

I don't feel sorry for them, not one bit. :)


Looking at the larger picture, I think this is one of the better "expenditures" I have seen among the tribes with casinos, although those investing in education and health programs are not to be discounted.

The fact is that drop out rates are enormous on the reservations, and anything that will entice kids to persevere and complete high school is a good thing, as it improves the odds of some of those kids using that money to pay for college tuition and further bettering their odds in life.

Lord knows, as much as has been done to keep them from making progress, I won't begrudge this carrot being dangled, seeing it is the tribe's money to spend.

The kicker, right now at least, is that people who went out and learned a trade or some other skill are having an easier time getting work than someone with a generic college degree.

This will obviously change as the economy turns around, but still, I'm sure it's frustrating a great deal of people who feel cheated out of all the money they spent on their education. Gotta consider that there is also a pretty low ceiling on many of these more technical/laborious jobs, where as with a degree, the sky is the limit.

And as for the thread - I like the idea. 80k isn't a whole lot when you're talking about this much money. And what better resource is there than an educated populace?

The kicker, right now at least, is that people who went out and learned a trade or some other skill are having an easier time getting work than someone with a generic college degree.

This will obviously change as the economy turns around, but still, I'm sure it's frustrating a great deal of people who feel cheated out of all the money they spent on their education. Gotta consider that there is also a pretty low ceiling on many of these more technical/laborious jobs, where as with a degree, the sky is the limit.

And as for the thread - I like the idea. 80k isn't a whole lot when you're talking about this much money. And what better resource is there than an educated populace?

According to the US Bureau of Labor Statistics that isn't necessarily true. I suppose if your degree was in something stupid like Ancient Greek Basket Weaving you may have a tougher time than if you got a job in Foreign Affairs or Engineering, but you should have known that getting into college. If you graduated with a degree in math, statistics, communications, engineering, or any tech industry you can probably get a job without even trying.

I quit college in my fourth year (of five), when we hired our tenth employee. Haven't ever regretted it. I've never had trouble finding work in the two bad economies I've worked in. It usually comes to me on its own even in the bad times.

I know degrees are absolute requirements in some fields, but I get the feeling that people cling to them as security/validation blankets more often than not.

Not to discount the value of education at all; just the institution.

If you graduated with a degree in math, statistics, communications, engineering, or any tech industry you can probably get a job without even trying.

Sorry, I should have qualified. I'm not talking about someone with a BS in a hard science or math or something.

I'm talking about someone who walks in with the umpteenth Communications degree you've seen that day.

I'm a high school dropout with a GED and then I ended up in college at SUNY. That bein said everyone who works for me are college educated.

I pretty much did college much like those in animal house did, academic probation GPA 0.0 etc...

I have never lacked work, we are busier than ever, the only issue we have are businesses needing payment plans vs our usual up front payment.

I don't think the Yakima here do anything like this unfortunately. Instead they get about 50-100 bucks a month as a check. Which many piss away on booze.

I quit college in my fourth year (of five), when we hired our tenth employee. Haven't ever regretted it. I've never had trouble finding work in the two bad economies I've worked in. It usually comes to me on its own even in the bad times.

I know degrees are absolute requirements in some fields, but I get the feeling that people cling to them as security/validation blankets more often than not.

Not to discount the value of education at all; just the institution.

You obviously have received the education elsewhere, probably mostly on your own. If there was a way to statistically clarify that (people who have spent 4+ years educating themselves vs those who haven't) it would be even a greater difference - but I don't think that is possible.

Sorry, I should have qualified. I'm not talking about someone with a BS in a hard science or math or something.

I'm talking about someone who walks in with the umpteenth Communications degree you've seen that day.

Don't knock on my Comm degree :(

Haha. I had no idea. Sorry!

I'm willing to bet that providing people with $80e3 upon completion of compulsory education not only ups your grad rates by a lot, but also avoids much of the debt accrued by people leaving home and making it out there in the world. Probably even more true in reservation economies.

I know I would have sunk that right into a university education, but maybe I'm more responsible than average. I read a great article about "nudge" policies a while back, the principle therein being you don't legislate your opinion of right and wrong into a policy, but you provide benefit for people "doing the right thing," for instance matching funds if you put your windfall into tuition, etc.

Given we spend about $50,000 a year for each person in prison, one wonders how many 2-year+ stays could be prevented by $80000 of "get a life" money to make it pay off over the general population.

(3 million some odd in prison on an ongoing basis plus another 5 million or so on parole/probation at some cost), versus about 10 million possible graduates each year. That would be an interesting stimulus plan, since you're all but guaranteed the money would go into education or durable goods.

A degree isn't a silver bullet. Its more along the lines of proof that you can manage your time, money and efforts to finish something on your own without mom and dad proding you. /shrug. I never finished mine and I doubt I would have much trouble finding a job that pays well based on my skill set and experience. A degree would probably open a few more doors just due to the fact that its a "You must be this tall to ride this ride" type of requirement. I could do the job just fine. I just don't have that "Golden Ticket" to get in the door.

For this tribe its probably a big deal. Most natives don't amount to much other than a drunk or meth head sitting around the stoop in front of the shacks on the reservation. The Olympic Pennisula in Washington State has plenty of examples of tribes that did it right and those that are just a waste.

I don't think the Yakima here do anything like this unfortunately. Instead they get about 50-100 bucks a month as a check. Which many piss away on booze.

Yes now imagine pissing away $80k on booze. It's pretty much the same thing in Cherokee, very few have climbed out of a day to day grind of watching the dinosaurs in Big Cove, eating moonpies and Big Cove steak, and drinking bud. Most of which are my family mind you.


In addition to that "Indian Money" a kid gets upon high school graduation, all Indians get a per cap check every quarter. Why do anything other than what I listed above? Even if your education (even college!), housing, and healthcare is ALREADY FREE?