Monday, August 26, 2013
The Real Reason College Costs So Much - WSJ.com
Cutting to the chase, America's higher education system is out of control.
I'm sure it's not completely broken; but, after reading this it's difficult to see the hope. (pun intended)...
I'm sure it's not completely broken; but, after reading this it's difficult to see the hope. (pun intended)...
In her Wall Street Journal interview, Allysia Finley has this and more from Ohio University's Richard Vedder:
"Universities, Mr. Vedder says, 'are in the housing business, the entertainment business; they're in the lodging business; they're in the food business. Hell, my university runs a travel agency which ordinary people off the street can use.' Meanwhile, university endowments don't pay taxes on their income. Harvard's $31 billion endowment, which has been financed by tax-deductible donations, may be America's largest tax shelter. Some college officials are also compensated more handsomely than CEOs. Since 2000, New York University has provided $90 million in loans, many of them zero-interest and forgivable, to administrators and faculty to buy houses and summer homes on Fire Island and the Hamptons."
