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Three cheers for Phil.
The fact is, private college education, particularly as it is practiced by the grand ivy pooh bahs and their brethren is a gigantic exercise in income redistribution. That which the folks who write federal and state tax policy have not been able to do, the nice people cited in Phil's POV have accomplished. It's astounding to think that tax payers who squak so intensely about paying taxes and the intrusiveness of various government agencies comply so willingly with the nearly identifcal ministrations of the bean counters at the great institutions of private learning?
Here's the slammer. Take a look sometime at the size of the endowment at places like Harvard (which is the most egregious). What is all that money for? Then look at the amount of money that is paid out. It's generally about the same as the yield on a treasury certificate which is considerably less than the internal rate of return on their well managed portfolio.
The fact is, th...