Blue Civil War Escalates
. . . for any idle money.
"Connecticut Democrats are going after Yale, for the same reason Henry HVIII went after the monks and Willie Sutton went after the banks. The Wall Street Journal reports:
The state of Connecticut wants its richest university to share more of its wealth.
Facing budget shortfalls and a deep pension hole, Connecticut lawmakers this week proposed taxing the investment profits of Yale University’s $25.6 billion endowment, the nation’s second-largest after Harvard University’s. Yale is located in New Haven, Conn.
… Connecticut is home to more than 40 colleges. But the potential tax singles out Yale because it would affect only endowments with $10 billion or more in assets.
There is a widespread (and not-unfounded) perception that the top university endowments are approaching irrational levels—Yale’s chief Ivy League rival has been called a large hedge fund with a small research institute attached to it.
Meanwhile, desperate cities and states—caught between the unpayable pension promises created by decades of irresponsible governance, bloated workforces organized into unions that keep asking for more, poor residents wanting and needing more basic services, and rich residents threatening to flounce out of town unless they get more ‘amenities’—have no choice but to scrounge under the couch cushions for extra cash. And university endowments are a prime target."
The blue states are starving to death. Yes, this starvation is due to their own incompetence and malfeasants, but regardless, it makes them rapacious. They will stop at nothing to obtain these idle monies. This should first be an object lesson to other smaller endowments, and then to individuals with idle accounts, you know like health spending accounts, or retirement accounts, or even savings accounts. As the blue states become more rapacious, they will seek ever more ways to separate others from their monies. They need it, dontcha know!
Grab a beer, some corn, and hit the easy chair, this should be fun!