The projects include tens of millions of dollars in work on more dormitories, a $25 million Institute for Health Sciences in New Brunswick, a $12 million renovation of the recreation center in Camden and an $18.2 million expansion of the student center in Piscataway.

Some $60 million will go toward deferred maintenance across the university. Another $15 million has been earmarked for classroom improvements.

Quote from NJ.com

If you take a moment and read the article where that quote was taken from, you’ll see that Rutgers University is justifying the gigantic expense by saying that 5,000 jobs will be created because of the expansion. However, notice that the article does not state whether or not the jobs are permanent jobs such as a cashier or a janitor or temporary jobs such as a construction worker. That’s a vital piece of information and I would think that the bulk of those 5,000 jobs are temporary.

Further, let’s remember that to create these jobs, Rutgers is spending $500 million. That’s $100 thousand spent per each job created. I’m sorry, but I have to believe that if we’re looking at this expansion and upgrading project from the stance of, “It’ll create more jobs during a recession,” well I don’t think it passes the smell test. That’s just too much money to spend on creating jobs when you know the majority of the jobs are temporary.

But here’s what really bothers me…

Rutgers is going to spend half a billion dollars to upgrade its campuses – that’s fine. But when you get right down to it, how are they going to pay for this work? I can think of two sources. First, alumni donations. As an alumnus of Rutgers University, I do send them a donation once or twice per year. I direct my donation to a particular fund that awarded me a fellowship when I was a graduate student, so I know that the same funds that helped me are helping other students who are studying in my field and were of the same ilk that I was as a graduate student. But once those solicitations start coming in about helping to pay for the expansion – I have no interest in that stuff.

Second (and this is what annoys me), Rutgers is going to have to use student tuition to pay for these expenses. They just have to do it. How else are they going to be able to afford the expansion? I guess what bothers me about this is that I’m a big believer that if money is managed correctly and the best interests of the end user are kept in mind, then you will always discover ways to find cost efficiencies and to lower the overall cost of your service. In this case, I have to imagine that if Rutgers University is doing the right things at all levels and at all times, that the cost of attending college will actually go down.

Sure, I know that anyone who has to manage a budget will tell you that once you have a new revenue source (i.e. higher tuition) you do not give it up. But I’m sorry – if everyone focused on making quality education more affordable for students, then I am convinced that we could lower the cost of tuition.

And suspending half billion dollar expansions might be a way to start that ball rolling.

Capitalism. What a country we live in, huh? You have the opportunity to do anything that you want in America. Some folks are fortunate that they are born into wealthier families and thus they have less financial pressures. Other people are born into highly religious families and they are usually happier and more content. Yet some still are born into poor families with strong family bonds and they learn the power of relationships. We have it all in America including an economy where you can either make it on your own (Bill Gates) or climb up the corporate ladder to find success. That’s what a capitalist system is based on!

But in a capitalist system, you can also fail. There are many reasons for failure, not the least of which is greed, deception, and bad decision-making. Many of the failing financial institutions were marred by these characteristics and – in a capitalist system – this will lead to failure. Whether it’s a loan officer who is closing a loan that he knows is not good for the borrower so he can make some extra income (greed), an internal manager who fudges the numbers so his bosses won’t get mad at him and his division for under-performing (deception), or a company hiring the wrong people to the wrong positions (bad decision-making) – this is what happens in our system!

And in a capitalist system when you fail – YOU FAIL. Imagine if the casinos in Atlantic City and Las Vegas gave you your money back after you blew it throughout the night. Unacceptable.

The Smell Test. I don’t know about you guys, but when I hear that the people who already proved that they are not good at running their organizations will be getting government dollars (i.e. taxpayer dollars) to bail their companies out, that pisses me off. This country was not founded on bailing out greedy scumbags with taxpayer dollars. In fact, you can make a case that taking money from taxpayers and using it for ignoble purposes is what spurred the American Revolution. What the hell am I paying taxes for? To pay the $20 million payout package of the CEO who failed at WaMu?

This bailout idea does not pass the smell test. How can you give money back to the people who squandered it? NO ONE in their right minds would do that! Would you give a murderer a gun while he’s in the courtroom? Good grief!

Consumer Debt. This one pisses me off the most. A portion of this $700 billion is supposed to go towards a housing trust fund to help bailout those mortgagees who are in over their heads. What a crock of shit this one is!

What about those people who have already lost their homes? How are they supposed to be helped from this bailout? They already lost in this game! What about those punks who knowingly went out there and bought up too much house for their income? They are to be rewarded for not living within their means?!? Well what the F is that all about!? Maybe I should go out and buy a million dollar mansion really quick since I know the taxpayers are about ready to pay it off for me.

And why are we only looking at mortgages? I heard a rumor that some of this bailout will be aimed at those with high consumer debt. So if you’ve overextended yourself with credit cards or other loans, you might not have to worry about making the payments! Do student loans fall into that category? I doubt it. What a bunch of bullshit that is??! I go out of my way to spend money on a venture that increases my knowledge and is a proven method of making society “better” (it’s a cost-benefit analysis thing) and yet I’m now being asked to spend MORE money for those who make bad decisions? Are you out of your f’ing mind?!

What if all of us who have ridiculous student loans start bitching and moaning? Will we get a bailout, too?

Artificial Timelines. Why does a bailout bill need to be reached by midnight tonight? Why does something need to be done before the markets open on Monday? This is crazy. The market will do what the market does. Do we really have to take $700 billion in taxpayer dollars and spend it on bailing out the system? NO!

This entire bailout thing is such a complete joke. There is no way to make everyone happy. The real shame, though, is that there are real people in this country who were duped into making the wrong decision and their situations are different. They are being lumped into this bailout mess and it’s not right. Those people who were out there scamming homeowners and new homeowners should be found and prosecuted to the greatest extent possible. It’s a disgrace.