Daily Progress, Jacksonville, TX

Letters to the Editor

April 26, 2011

LMC’s real worth

JACKSONVILLE — An opinion

It is sad to hear, and hear of, those folks who currently relish in the financial problems of Lon Morris College. It is my understanding that both the City of Jacksonville and LMC enjoys a positive relationship with the other. However, my perspective is Jacksonville needs Lon Morris College so far more than the other way around.

First, let’s talk economics: the Money Multiplier “calculates the maximum amount of money that an initial deposit can be expanded to …”* (*Wikipedia). Bankers, municipalities, commercial developers, and others routinely use the money multiplier in prep-project analysis. Specifically, LMC pays approximately $6.0 million annually in salaries. Using a conservative money multiplier of 5 or 6, LMC’s economic worth to Jacksonville, and the surrounding area, is a measly $30 to $36 million per year. Are any of us prepared to give up that sort of economic impact?

Second, I do have a dog in this hunt: I am a Methodist and a math tutor at LMC for a whole four hours per week.

If we allow Lon Morriss College to fail we will all suffer tremendously.

 

Russell W. Maddox,

Jacksonville

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