Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Bad schools are 'eating our young': Blackstone CEO

Stephen Schwarzman, chairman and chief executive officer of Blackstone Group LP.
Munshi Ahmed | Bloomberg | Getty Images

America is in the process of destroying what made it great—its educational system, and declining rates of reading, math and problem-solving skills relative to other countries are proof.

At least that's what one billionaire investor thinks, continuing a long-standing fight between Wall Street philanthropists bent on shaking up public education and teacher unions and others opposed to the test-heavy charter school movement and other proposed fixes.

"This is something going really wrong, really fast," Stephen Schwarzman, chairman and CEO of $272 billion Blackstone Group, said about declining American educational attainment.

"If you don't turn it, there are going to be all kinds of really significant problems: societal problems, political problems you're already seeing. We're going to take a wonderful society and have basically vastly diminished it," he said Monday at the Milken Institute Global Conference in Los Angeles.

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