Fox Business: Morehouse College $40 Million Student Loan Gift Made Possible by Capitalism

Robert Smith and Tim Cook
Astrid Stawiarz/Getty
TOM CICCOTTA

Fox Business noted this week that capitalism made it possible for billionaire Robert F. Smith to pay off the student loans of Morehouse College Class of 2019, a $40 million donation that he announced during a commencement address at the college on Sunday.

Campus Reform correspondent Emma Meshell discussed capitalism’s role in creating wealth with Stuart Varney on Fox Business on Monday. The pair spoke in reference to billionaire Robert F. Smith’s $40 million to the students in the Morehouse College Class of 2019

On Sunday, Smith announced that he would create a grant to pay the college debt of Morehouse College’s 400 graduating seniors. “My family is going to create a grant to eliminate your student loans,” Smith said during the commencement. “You great Morehouse men are bound only by the limits of your own conviction and creativity.”

“Let’s make sure every class has the same opportunity going forward because we are enough to take care of our own community. We are enough to ensure we have all the opportunities of the American Dream and we will show it to each other through our actions and through our words and through our deeds,” Smith added. “So class of 2019, may the sun always shine upon you, may the wind always be at your back and may God always hold you in the cradle of her hand.”

Meshell told Varney that Smith’s donation shows the power of capitalism.

“Really what this shows is the positive effect of having private wealth in this country. And it’s really fashionable on the Left right now to demonize businessmen and to demonize the ultrawealthy as they call them, but the fact here is that Americans give $410+ billion to charity every year,” Meshell said. Smith’s donation, according to Meshell, was “made possible by Capitalism and by people’s ability to get wealthy and give away their money freely.”

Stay tuned to Breitbart News for more campus updates.

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