Historical Tidbits

Just getting started, but have found a few interesting tidbits.  According to the NY Times, of the thirty-three professors at Amherst in 1890, twenty-three supported Cleveland (Democrat), and seven supported Harrison (Republican).  Some things don't change.  On the other hand, Harrison had been the big spender and supported tarriffs.  Cleveland had been the master of the pocket veto, blocking many bills including special favors for interest groups, and he favored free trade.  Some things do change.  Young Coolidge blamed the surprise election of Cleveland in part on "the vague idea of the working and farming classes that somebody is getting all the money while they get all the work."  I guess class envy has been part of the political scene for some time.

The economics of higher education have certainly changed.  Professors were "giants on campus" and their "salaries were $2,500, more than twenty times tuition."  The average wage earner made $425 per year.  So extrapolating to today, if average income is about $45,000, then professors at Amhurst today would be making almost $250,000 -- and tuition would be $12,500.  Instead, the average full professor there is now making $140,000, and tuition is $37,600. Amherst's website says that the cost of educating each student exceeds the fee by 50%.  Makes you wonder where all the money is going!