> For more than a year, we’ve all worked on responding to extraordinary new and sustained pressures on our budget (due largely to the heavy new 8% tax on our endowment returns, a burden for MIT and only a few other peer schools)
Oh, no. Eight percent of returns on $27.4 billion.
How will they go on?
Maybe this is just the cranky Millennial in me, but seeing how so many people of my generation were told they absolutely, positively had to get at least bachelors degree to be anyone in society, and accordingly took out high-five/low-six-figures in debt at the age of 18, only to get the shaft over the next decade or two of their lives as wages stagnated and more and more jobs (even knowledge jobs) moved overseas in search of higher returns by the same people making major gifts to those endowments...
I don't have a problem with the tax.
Hell, there were times a few years back when the MIT media page on Facebook did nothing but post stories about all of the tech and engineering going on in China. This is also the same institution that hosts a media lab that continued to associate with Epstein after his sex offense conviction because his cash was as green as anyone else's.
Oh, no. Eight percent of returns on $27.4 billion.
How will they go on?
Maybe this is just the cranky Millennial in me, but seeing how so many people of my generation were told they absolutely, positively had to get at least bachelors degree to be anyone in society, and accordingly took out high-five/low-six-figures in debt at the age of 18, only to get the shaft over the next decade or two of their lives as wages stagnated and more and more jobs (even knowledge jobs) moved overseas in search of higher returns by the same people making major gifts to those endowments...
I don't have a problem with the tax.
Hell, there were times a few years back when the MIT media page on Facebook did nothing but post stories about all of the tech and engineering going on in China. This is also the same institution that hosts a media lab that continued to associate with Epstein after his sex offense conviction because his cash was as green as anyone else's.