Fifteen years after its launch, the Giving Pledge has largely failed to deliver on its bold promise. With only 13 percent of U.S. billionaires signed on—and most donations funneled into private foundations—the wealth gap has only grown wider. History shows what happens when voluntary redistribution falters: government steps in. If today’s billionaires continue to hoard wealth under the guise of philanthropy, policy reform may once again force their hand.
Read MoreAmerican higher education is facing a reckoning after decades of ignoring mounting economic pressures. Declining enrollment, rising costs, and shrinking public funding have exposed the unsustainable financial model at many institutions. While universities have invested in high-cost amenities to compete for students, these strategies have failed to address core budget gaps. Ellen Aprill’s argument for more flexible endowment use highlights a path forward: responsible, mission-aligned spending that prioritizes long-term sustainability over outdated norms. To survive, colleges must rethink what they offer, how they fund it, and what truly serves their mission.
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