More Money to the Most Rejective Colleges

This episode responds to a listener comment regarding the recent $300-million gift to Harvard. I get to RANT about the insanity created in our higher education system that comes from pouring more money on the wealthiest and most rejective institutions. 

Transcript

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hi, this is Eli. Loyalties Oakley. Welcome back to the ramp, the podcast, where we pull back the curtain and break down the people, the policies and the politics of our higher education system. Today's episode, I'm going to be responding to a recent comment that I got from one of our listeners. His name is Al Jessel. Al sent me a question along with a media clip. It was regarding the recent gift to the Harvard faculty of arts and sciences. A gift of$300 million. Made by Kenneth Griffin. And he asked me to take a look at this. And put it on the rent. And ask the question. Why do we continue to pour money into the wealthiest? Most rejective colleges and universities in America. Thanks for that question now. Because this gives me a great opportunity to jump on my soap box. So this gift of$300 million made by Kenneth Griffin to Harvard is just one more example. Another example of how more resources and more attention. Go to the institutions that reject the greatest number of people in this country. And create the least amount of economic value for our communities and for our nation. This is one of the great problems in the American higher education system. Because not only are we pouring more money on the wealthiest institutions. But we are pulling every college and university in this direction. Pulling in the direction of a Harvard or a Stanford, continuing to grow endowments, continuing to seek more and more resources. My good friend and a former guest on this podcast, John Bolton said pointed out in social media.. That the$300 million gift to Harvard represents only about one half of 1%. Of Harvard's current endowment, depending on where the market landed today. Think about that. Colleges and universities along with their wealthy donors. Are rewarded. To maintain the status quo of the most rejective, the most elitist and the wealthiest institutions. All the while, ensuring that. The institutions that serve and admit the greatest number of Americans of all backgrounds. Continue to have the least resources. I'm talking about community colleges. I'm talking about four year regional universities. R one universities that are located in struggling communities that do their best to reach out to their communities. This is a clear example of the cancer that infects the American higher education system. And that has led to the breakdown. In trust. The breakdown. In. The dialogue in this country and the rise of the populous rhetoric, there is a clear divide between those who have access to opportunity and those that do not. Contrast the$300 million gift. With a set of other gifts that largely go unnoticed. And not that I'm saying that. The wall street journal or the New York times don't give a rat's behind about community colleges. Regional for years. But there's some truth to that. Because several years ago, the Jay Pritzker foundation gave a hundred million dollars to the California community colleges. And that money was put to work in some of the lowest income zip codes in the California community college system. Creating true value. True upward mobility for the people in that community. And there's also the merit of gifts. That McKinsey Scott has made to minority serving institutions. Again. Uh, putting money in communities and colleges and universities that provide the greatest lift. So think about it. The institutions that lift learners the most. Bring their families out of poverty, put them into the middle class are rewarded the least in the American higher education value system. Yet, this is the kind of value that America should value the most. This is the kind of investment that will support a more talented workforce, stronger job growth. And healthier companies, which in turn create greater wealth. For business leaders. So America. Let's change our value system. Let's put the greatest amount of attention, the greatest amount of resources on those institutions. That keep our economy strong that keep our democracy strong. And that ensure that people of all backgrounds have access to the American dream. Thanks for joining me on the rent. If you liked this episode, follow us on this YouTube channel. Leave your comments or follow us on your favorite podcast platform. We'll be back with you soon with more episodes. Thanks for joining us.