“I personally expect the stock market to rebound and correct over-reactions to the coronavirus problem. The harder question is when,” Cong said. “If it is just as severe or becomes more severe, then that would be a big issue for both stock markets and the economy.”
Editor’s Note: This piece is part of The Sun’s dueling columns feature. In this feature, Darren Chang ’21 and Jade Pinero ’19 debate, “Is capitalism good?” Read the counterpart column here. Today, fewer than half of young Americans support capitalism. It’s a sympathetic statistic, since young adults’ conception of the economy has been irrevocably shaped by the Great Recession, unequal wealth distribution and poor wage growth. Yet, while capitalism may not be perfect, it’s worth keeping and fixing because of the prosperity it has wrought.
We call education an “investment,” which typically refers to money spent with the eventual expectation of a return. My rough calculation of the number of students and the average cost of tuition indicates that over $400 billion is “invested” in college every year. For scale, with that money you could own JPMorgan Chase, Facebook or Johnson & Johnson and still have the equivalent of Alaska’s GDP to spare. This week, dozens of parents and administrators were arrested on fraud charges in relation to a sprawling scheme for admission to some of the nation’s top colleges. These parents “invested” six- and seven-figures to cheat on standardized tests and manipulate the athletic admissions process to ensure their children’s acceptance.