WASHINGTON (SBG) - Watchdog group Open the Books found that the collective endowments of all 8 Ivy League universities could exceed $1 trillion by 2048.
“The Ivies had a huge year in 2020. In one year, their collective endowment of the eight schools in the Ivy League rose by $44 billion because of their stock market and market returns.," said Open The Books’ Adam Andrzejewski to The National Desk. “How long would it take to hit a trillion dollars? And we forecast with reasonable assumptions it'll take between 26 and 27 years.”
The Ivy League is organized as charitable nonprofits, but critics are concerned it has found workarounds to federal, state, and local tax systems. Andrzejewski says that “Congress needs to crack down.”
“They've got all the money in the world yet they're dialed into taxpayer wallets,” said Andrzejewski. “The Ivy League doesn’t need taxpayer help. In a recent six-year period, our auditors at OpentheBooks.com found that the eight schools in the Ivy League collected $42 billion at taxpayer cost.”
As the price of college tuition increases, some are asking why schools with large endowments have such high costs for students.
“Harvard has $53 billion in their endowment, but their sticker price on an education for tuition, room, and board, and fees is between $80,00 and $90,000 a year,” said Andrzejewski. “It pushes up the price for everybody outside of the Ivy League.”
In February 2020, the Public Readiness and Emergency Preparedness Act was invoked, which provided legal protection to Pfizer and Moderna if something unintentionally goes wrong with their vaccines. Congress created a fund to help cover lost wages and medical expenses for people who have been harmed by “covered countermeasures” such as vaccines. But Andrzejewski says the federal government didn’t pay any money towards COVID-vaccine claims last year.
“There are only 1,300 claims on the public reporting website of adverse reactions to the COVID-19 vaccine,” said Andrzejewski. “The American people just don't know about this fund. Families can collect up to $370,000 for a COVID vaccine death and up to $379,000 for injuries.”