Schwarzman Says U.S. Education System Overdue for Changes

U.S. policy makers are hindering economic progress by failing to fix the nation’s education system and should take a more hard-line approach to making changes, said Blackstone Group LP co-founder Steve Schwarzman.

“We’re completely dropping the ball,” Schwarzman said yesterday at the Milken Institute Global Conference in Beverly Hills, California, saying schools should fire more underperforming teachers and pay strong-performing teachers higher salaries. “It’s immoral.”