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Rich People Should Sacrifice More
[December 13, 2002]

By Nicholas Provenzo

Here’s a good one: The Washington Post ran a letter criticizing Catherine Reynolds' recent $100 million donation to the Kennedy Center by Mark Weadon.

“The Dec. 7 front-page story…said that Ms. Reynolds made her fortune "in the student loan business." Am I alone in finding this disturbing?

At a time when college students and their parents and universities are struggling to make ends meet, how is it possible for one person to amass this kind of wealth from the sale of education loans?

Something is deeply flawed when so much money can be siphoned out of a system in which both students and colleges operate on razor-thin margins.

Perhaps students, universities and the nation would have been better served if even a portion of Ms. Reynolds's vast income had gone toward lowering student loan interest rates.”

Heck, why not eliminate all interest, because after all, wouldn’t the nation be better served if no one had to pay to borrow money?

Never mind that Ms. Reynolds' wealth came from loaning people money to get an education that supposedly would allow them to be self-sufficient. Never mind that Ms. Reynolds pays a large percentage of her wealth in taxes. And never mind that Ms. Reynolds is now using her wealth to support the arts.

Apparently, the only people who should make money in life are whiners like Mr. Weadon. People like Ms. Reynolds should just work for free putting people like him through school. After all, rich people should sacrifice more. Bully for the Post for allowing a platform for such an enlightened opinion!

Mr. Weadon's letter makes me think setting up a free “one-way trip to North Korea” program would have been a better investment of Ms. Reynolds' money.

 

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