What the 'New York Times' editorial board gets wrong about Robert Smith's Morehouse gift:
was receiving for promising to pay off the debt for all of Morehouse College’s graduates in the 2019 class. In a begrudging acknowledgement that Smith’s gift, estimated at $40 million dollars, “was an act of generosity,” thedevoted most of its ink to the complaint that his philanthropy functioned to mask the failure of a tax policy that benefited him, much like the earlier example of Andrew Carnegie giving away millions to build libraries across the country.
And what if that loophole were closed, and the government reaped the more than $15 billion it’s estimated would be generated over a decade? Would the money go toward making a college education more affordable? Would it be used to boost Pell grants or other investments that could increase the equity or improve the quality of education? Or would it go toward building a wall on the Southern border? Or throwing a bigger July 4...
Robert Smith’s one gift won’t significantly reduce student debt, but philanthropy dedicated to that purpose, one institution at a time, could. Imagine if college presidents across the nation persuaded their donors to pledge their billions in gifts to endowed scholarships for financially needy students rather than to build indoor football practice facilities or lazy rivers in student recreation centers.
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