Most medical students at Johns Hopkins University will no longer pay tuition thanks to a $1 billion gift from Bloomberg Philanthropies announced Monday.
Starting in the fall, the donation will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000.
The original Hippocratic Oath made you swear not to charge to teach people about medicine.
It’s interesting to see the differences in the two:
https://doctors.practo.com/the-hippocratic-oath-the-original-and-revised-version/
I am choosing to only see the uplifting stuff here and rejecting the bad.
It says starting in the fall it will be free, but how long does 1 billion last? How many years will they be able to do this for now?
Endowments aim to achieve perpetual existence by only spending dividends from investments. Assume growth of 8% of a billion means they can spend 80 million dollars a year without shrinking the endowment.
The 4% rule can fail during some cycles, an 8% withdrawal would have numerous failure rates.
You’d have to be willing to adjust heavily during downturns, probably yearly. Adjusting like that could cause uncertainty and make it difficult to apply for all students.
3.5% over an extended period had no failures on any cycle.
The 3.5% was looking at very early retirement, such as 35/40yr old.
Edit: just want to add, those failures on the 4% were small. It was like if you started the cycle on 1 of 2 months many years ago and made no changes when shit got very bad, it would fail. The majority of the time you end up with vastly more money. But also past performance doesn’t guarantee future performance so who knows, but there is some risk.
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Must be nice to have your taxes pay for something useful instead of guns and war like us.
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The US will keep paying to protect NATO countries so we can fight wars there instead of here.
Unless trump wins.
CIA hit incoming.
On who?
Well, Trump for fucking with NATO too much.
The US can’t afford it. Maybe if we cut government spending in half. They’re out of control and everyone is suffering because they’re destroying the value of the dollar. This issue (but not all) ready is a both sides problem.
Uplifting: this is objectively a ton of good done for these students
Dystopian: this money was earned by the theft of value produced by working class labor and throwing a few breadcrumbs of it back into the system and acting like it’s some great pure good is pure evil and people will lap it up like dogs
Medical education could have been free this whole time through taxes but instead public funding of secondary education was gutted instead of expanded so rich fucks like Bloomburg could keep more money for themselves.
So even worse!
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It’s insane making tuition free for medical students, who have the best chances of stable employment and increasing wage growth over the years after graduation. Make tuition free for humanities students instead
Edit: drs have lots of flexible income
Here’s some data though: https://www.collegesimply.com/colleges/maryland/johns-hopkins-university/salaries/
Median US physician salary: https://physiciansthrive.com/physician-compensation/doctor-median-pay/
So this $1B gift to make med school free for people who wouldn’t have had issues paying it off sounds like tax cuts for the rich…
It should be free for everyone.
