https://amgreatness.com/2024/12/31/brazen-taxation/
hen I think about government-run schools, I am reminded of Margaret Thatcher’s famous quote, “The problem with socialism is that you eventually run out of other people’s money.”
While taxes are not necessarily socialist, they can be overbearing, nowhere more so than in education. In fact, the government excels at spending other people’s money on schooling. The U.S. (i.e., taxpayers) spent $1.2 trillion on K-16 in 2022.
Of that astronomical amount, spending on higher education amounted to $226 billion, which often goes to schools that don’t need it. Researcher Jay Greene examined payments to Ivy League schools and found that the federal government provides enormous subsidies to these elite institutions, which are the wealthiest universities in the country. “The eight universities in the Ivy League receive $1.8 billion each year from taxpayers, despite the fact that these universities are sitting on $192 billion in endowment funds. If they need money for buildings and electricity, donors have already given them plenty. There is no need for taxpayers to give the richest universities $1.8 billion each year to cover the costs of buildings that their donors have already enabled them to maintain and update.”
There are about 4,000 for-profit colleges in the U.S., and they receive the great majority of federal tax dollars for higher education, with just 22 colleges in the country refusing any public funds.
But the swindle doesn’t stop there. The American Enterprise Institute’s Nat Malkus runs the think tank’s Student Debt Forgiveness Tracker, which identifies all student loan revenue from the U.S. Treasury that has been “forgone or forgiven during the Trump and Biden presidencies.” The tracker’s total now sits at about $415 billion.