While Generous, Robert F. Smith's Pledge Sends the Wrong Message
Rodney Johnson | May 21, 2019 | Vista Equity Partners Chairman Robert F. Smith made quite a splash over the weekend when, during a commencement speech at Morehouse College, he pledged to pay off the student loan debt of every member of the class of 2019 who had accrued a tab. Smith is worth $5 billion, so he can afford to be generous. In fact, he's the richest black person in the U.S. – richer than Oprah Winfrey. We don't know exactly how much this will cost the philanthropist, but those watching expect the pledge to cost the man around $40 million. That would make the tally 0.8% of his wealth… like a millionaire giving away $8,000. That's not meant to diminish Smith's gift. This particular piece of generosity is part of his much larger plan, through the Giving Pledge, to donate at least half of his vast net worth during his lifetime. And how he does this is his business. He made the money. He took the risks. He earned the education. He needs no advice or input from me or anyone else. He could give it all to the Pet Rock Society. It's great that he's chosen education… But student loans for graduates? He's missing the biggest point of pain for students… READ MORE » | New study reveals why America is headed for disaster  According to America's #1 economist, this shocking event only happens every 250 years. It's called "Zero Hour"... and when it happens again soon, it's going to trigger the greatest upheaval in modern history… bankrupting millions of Americans practically overnight. But you don't have to be one of them.
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