Today the Supreme Court struck down Pres. Biden's intent to spend $400billion to pay down student debt. It is unconstitutional because only congress has the au8thority to appropriate federal funds. But who really has benefitted all these decades from the trillions spent in student loans?
The answer is simple. Big Education! Ever since Pres. Carter created the Dept of Education and student loans started to explode, so haven't the cost of college tuition. When the govt. let students borrow more and more money, colleges jacked up the price of tuition! People have complained about the rising medical costs and food inflation but here is a real scary fact:
Since 1978, college tuition and fees have increased by a whopping 1,120%. During that same period, the price of food has increased 244% and medical expenses 601%. In fact, tuition prices have gone up four times faster than the consumer price index, according to a report by Bloomberg.
www.usatoday.com/story/money/personalfinance/2014/11/08/credit-dotco
While medical bills have risen, college costs have almost doubled medical inflation and 4 1/2 times the cost of food in the last 45 years.
Lets look at one egregious example, Harvard University.
Last year it had a year end balance in its endowment of $53.3 Billion dollars.
Its operating budget was $5.4 billion of which 52% or $2.808 billion was for salaries. with a total of 18,703 employees (instructional and non instructional) that is an average salary of $156,136.34 /person.
The left howls at big business, big oil, big pharma etc. it is time America starts howling much louder over Big Education!
The answer is simple. Big Education! Ever since Pres. Carter created the Dept of Education and student loans started to explode, so haven't the cost of college tuition. When the govt. let students borrow more and more money, colleges jacked up the price of tuition! People have complained about the rising medical costs and food inflation but here is a real scary fact:
Since 1978, college tuition and fees have increased by a whopping 1,120%. During that same period, the price of food has increased 244% and medical expenses 601%. In fact, tuition prices have gone up four times faster than the consumer price index, according to a report by Bloomberg.
Will tuition ever stop increasing? - USA TODAY
www.usatoday.com/story/money/personalfinance/2014/11/08/credit-dotco
While medical bills have risen, college costs have almost doubled medical inflation and 4 1/2 times the cost of food in the last 45 years.
Lets look at one egregious example, Harvard University.
Last year it had a year end balance in its endowment of $53.3 Billion dollars.
Its operating budget was $5.4 billion of which 52% or $2.808 billion was for salaries. with a total of 18,703 employees (instructional and non instructional) that is an average salary of $156,136.34 /person.
The left howls at big business, big oil, big pharma etc. it is time America starts howling much louder over Big Education!
