Feature

When wealthy colleges cry poverty

College life is an orgy of irrational spending, said<strong> </strong>Eric Gibson in <em>The Wall Street </em><em>Journal, </em>but "in spite of this, universities are still crying poor."<em>&lt

Eric GibsonThe Wall Street Journal

The economic crisis has reached the ivory tower, said Eric Gibson. At private universities nationwide, the stock market crash has sent endowments plummeting. Proud Harvard has seen its $36.9 billion nest egg shrink by more than $7 billion in just three months. College administrators are warning of hiring freezes and financial-aid cuts, and a few are even talking about tuition increases. Can they be serious? As the father of a prospective freshman, “I’ve been getting a tutorial in college costs. And what an education it has been.” For years, college tuitions have been rising far faster than inflation, and a bachelor’s degree at a private liberal arts school can now cost nearly $250,000. Presidents of many top-tier schools earn more than a million dollars annually. College life itself is an orgy of irrational spending, with libraries and gyms open around the clock, and cafeterias offering every variety of cuisine imaginable. “In spite of this, universities are still crying poor.” That’s a laugh. Perhaps they’ll get real when recession-battered parents start saying no to $40,000 tuitions, and send their kids to public colleges.

Recommended

Gang kidnaps U.S. missionaries in Haiti
Police patrol the streets in Haiti
kidnappings in haiti

Gang kidnaps U.S. missionaries in Haiti

Sicilian Catholic diocese bans godparents
Baptism at Vatican
'It's an experiment'

Sicilian Catholic diocese bans godparents

British lawmakers gather to mourn slain MP David Amess
Keir Starmer and Boris Johnson
Democracy in a world of violence

British lawmakers gather to mourn slain MP David Amess

British officials mourn death of MP David Amess
David Amess.
rest in peace

British officials mourn death of MP David Amess

Most Popular

The American 'Great Resignation' by the numbers
Help wanted sign
Help Wanted

The American 'Great Resignation' by the numbers

Madonna makes Jimmy Fallon sweat, remove coat in 'disturbed' interview
Jimmy Fallon and Madonna
'Life is not just about interviewing kitties'

Madonna makes Jimmy Fallon sweat, remove coat in 'disturbed' interview

Queen expresses irritation with world leaders talk but 'don't do' on climate change
Queen Elizabeth II
God Save the Green

Queen expresses irritation with world leaders talk but 'don't do' on climate change