New York University is providing free tuition for students in its medical school.
That will save future doctors about $55,000 a year.
But do the fortunate students know that the money will come from capitalism?
The medical students should at least know where the money for their free tuition will come from. It doesn’t flow from the good intentions of Alexandria Ocasio-Cortez, and it isn’t a product of the Cuban health-care system.
It will come from capitalists like Ken Langone and his wife Elaine, who donated about $100 million of the $600 million that NYU says it will need to fund the scholarships. The son of a plumber and a cafeteria worker, Mr. Langone went to Wall Street after Bucknell and NYU business school. He went on to found Home Depot , the national home-improvement chain that now provides a livelihood for some 400,000 people.
Mr. Langone has channelled much of his wealth into philanthropy, including the medical center at NYU that is named for him and his wife. As Mr. Langone explains in his book, this is how a free society creates wealth and then redistributes it. Socialism creates little wealth and redistributes poverty, as Venezuelans are discovering. The medical students could spend a semester in Caracas to learn these lessons, but they can save time and considerable pain by reading Mr. Langone.
The Journal facetiously suggests that all recipients of this largess should have to read and write an essay on Mr. Langone's book, I Love Capitalism.
By the way, if you or your child is making big decisions about college, I urge you to attend IWF's all star panel headlined "Your College Degree: Is It Worth What You Paid for It?"
We examine why college costs so much and explore some practical alternatives to undertaking life-changing debt.