Word: wealthiest
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...wealthiest Harvard students, whose parents make substantial incomes, the tuition increase will pose no problems. Likewise, for the least wealthy Harvard students, increased financial aid will absorb the costs of the hike (even if it may leave them with a larger work-study requirement or greater post-college debt). But for the rest of Harvard’s students, whose parents make too much to see the costs absorbed by aid and too little for the costs to be an inconsequential expenditure, the tuition hike will be a real burden. Feeling the pinch of the recession, members of the middle...
...some argue against any voluntary depletion of the endowment, even one that is statistically insignificant. These misers fall into two camps. The prestige fanatics worry about marring Harvard’s image as the nation’s wealthiest University. But with Harvard’s endowment safely billions of dollars larger than its nearest competitor spending a few extra dollars isn’t likely to threaten its position at the top. The doomsayers, on the other hand, worry about saving Harvard’s endowment for the proverbial rainy day when a cloudy economic climate will demand that...
...then not readjusted for economic growth in the succeeding months, Harvard rarely pays out at its target rate. In 2001, for example, Harvard paid out only 3.3 percent of its endowment, and over the past five years average payout has been only 3.7 percent. When compared to the 341 wealthiest Universities in the nation, Harvard paid out a smaller percentage of its endowment than at least 156 other schools...
Such ignorance is shocking given the dire economic situation of billions of people around the world. On Jan. 18, according to the London Guardian, a senior World Bank economist announced the world’s wealthiest 50 million people earn as much money as the poorest 2.7 billion. In other words, the richest 1 percent of the human population makes as much money as the poorest 57 percent...
...trimming wasteful government spending and “retrieving” tax revenues from the wealthiest one percent of the population, Stein said these programs—commonly thought of as being costly—could work while only minimally affecting the economy...