VOL. CXXXV NO. 8
FRIDAY, November 10, 2023
Over 400 7C students protest, picket urging Pomona divestment from Israel REIA LI & SARA CAWLEY On Thursday morning at 7:00 a.m., Claremont College students began gathering outside Pomona College’s Smith Campus Center for “Shut Pom Down for Palestine,” part of a “global call” to action for divestment organized by Palestinian Youth Movement, National Students for Justice in Palestine and International People’s Assembly. This protest comes just over two weeks after hundreds of 7C students walked out of classes to demand Pomona divest from Israeli companies. The protest is part of a series of demonstrations, events and talks hosted at the 5Cs this week regarding violence and deaths in Israel and Palestine. The week leading up to the protest saw a flurry of emails from Pomona administrators over freedom of speech, student safety and protestors’ etiquette and rights. From 7:30 a.m. to 9:00 a.m., student protesters in masks wearing all black sat in front of all visible entrances to Alexander Hall to prevent Pomona faculty and administrators from entering the building. Protest chants included “Israel bombs, Pomona pays. How many kids did you kill today?,” “Pomona College you can’t hide,
we charge you with genocide” and “How many Gazans have to die before you hear their freedom cry?” Close to 9:00 a.m., Campus Safety Officers escorted faculty and administration into Alexander Hall through a basement entrance at the front of the building. Protest organizers pivoted, regrouping students outside the SCC. Around 9:15 a.m. protesters entered Alexander Hall and circled the first floor repeating “What the fuck do we want? Divestment / When the fuck do we want it? Now!” in a call-andresponse chant. Two hours later, around 11 a.m., students sat in a circle on Marston Quad for a teach-in with four students in the center leading a presentation. Pamphlets with QR codes to “The ABCs of BDS” slides were passed through the crowd. The teach-in began with some definitions on Boycott, Divest and Sanctions (BDS) terminology and background on the movement. Organizers said Israel receives more money in aid from the United States than all other countries combined and argued that because of this, students in the United States have the
CLAREMONT, CA
Annie Lowrey talks universal basic income at Ath talk
responsibility to push their colleges to divest. Nicholas Black PO ’24, co-president of Divest 5C, spoke at the teach-in to provide students with language to use with the administration when talking about divestment. Black told TSL that he thinks the administration’s response to calls for disclosure and divestment is overly concerned with language. Specifically, he highlighted responses that have pointed out tuition and fees are completely separate from the endowment. “It doesn’t matter if the money is coming from donors or from students,” Black said. “We’re still funding Israeli apartheid.” Other speakers, who didn’t identify themselves, explained that Pomona is being targeted specifically for its large endowment. Multiple students and resources from the protest measured the endowment value at $3.8 billion, but a TSL investigation into 5C endowments found that number to be $2.7 billion currently. “Pomona has the largest endowment,” one speaker said to the crowd. “Because it is the
See PROTEST on page 3
THE STUDENT LIFE
Thursday’s actions come after weeks of protests, vigils, faculty talks and administrative statements at the 5Cs following Hamas’ Oct. 7 attack and Israel’s subsequent and ongoing bombing of Gaza.
ANDREW YUAN • THE STUDENT LIFE On Tuesday, Professor Cameron Shelton and journalist Annie Lowrey discussed the benefits of using Universal Basic Income to bridge America’s wealth gap.
ELLIE URFRIG On Tuesday night, enthusiastic economists and passionate politicos packed the Athenaeum at Claremont McKenna College as Professor Cameron Shelton and journalist Annie Lowrey took to the stage. In conversation with Professor Shelton, Lowrey, author of “Give People Money” (2018), advocated for universal basic income (UBI) as a strategy to bridge the wealth gap in America. The discussion was co-sponsored by the Lowe Institute of Political Economy at CMC as part of its public policy speaker series. It acted as a continuation of a student debate hosted by the Athenaeum in September, which questioned whether the United States should adopt one version of the basic income proposal. Like students at the debate, Lowrey advocated for a specific type of UBI. She believes parents with kids under 18 should receive a $1,000 monthly cash stipend. “In the 1980s, [Brazil and Mexico] started doing something called ‘conditional cash transfers,’ mostly to moms,” Lowrey said. “They said, if you get your kid some basic inoculations and enroll them in school, you get cash, and [we] won’t tell you what to do with it. This is a really, really powerful policy intervention that gets replicated in dozens of low and middle-income countries. And you also saw an example of this in [America’s] COVID-19 response.” A similar policy in the United States would have many beneficiaries, she said. Impoverished children would be one of the primary groups.
“Kids are quite likely to be in poverty growing up in the United States, much more likely than they are in our peer countries. This is really bad for a lot of reasons,” Lowrey said. Lowrey referenced studies that found impoverished children are less healthy and suffer from reduced lifetime earnings. Additionally, many students living in poverty will not complete a high school or college degree. This pattern, Lowrey said, has serious repercussions, especially in a country that “is heavily racialized.” As it stands, U.S. welfare programs are largely dictated by eligibility, which frequently changes over time. However, Lowrey’s proposed plan addressed that issue. “The United States does have some very, very large social programs that have a great effect. But they’re kind of complicated [and] often let people fall through the cracks. The people who need the help the most, are the least capable of going and getting it,” she said. “We’re talking about everybody and we’re talking about the basics. It’s enough to help you live, but not really enough to live totally comfortably on. And, it’s unlimited in time, so we’re gonna leave this for forever.” But forever is a long time, especially when it comes to cash. Lowrey doesn’t want to get rid of effective programs like Medicaid and replace them with UBI, although she thinks less effective initiatives, like TANF (Temporary Assistance for Needy Families), could be dismantled. Additionally, she points to taxes. “There’s only so much money you can raise from the 1 percent because there’s just not that many of them, even if they’re making
See INCOME on page 2
5C endowments experience decreases of up to 14.5 percent in the 2022 fiscal year BRECKEN ENRIGHT Endowment funds across all Claremont Colleges experienced decreases of up to 14.5 percent in fiscal year (FY) 2021-22, according to a TSL analysis of the colleges’ public financial statements. Scripps reported the largest decrease of 14.5 percent in net endowment assets, while CMC’s endowment was the least affected, experiencing a decrease of 6.5 percent. This is a stark contrast to FY 2020-21, which saw unprecedented growth of endowments: 30 percent on average nationally and up to 43 percent at the 5Cs. Endowments consist of funds classified as either restricted or unrestricted. Donations with specified purposes, like funding scholarships or faculty-endowed positions, make up the restricted portion of an endowment. Unrestricted endowment funds account for the rest of the endowment and are managed by a Board of Trustees in accordance with the Uniform Prudent Management of Institutional Funds Act, a law regulating the amount of the endowment an
organization is allowed to spend in a year. These funds are often designated to cover institutional operating expenses like student services, academic support and research. Only 41 percent of Pitzer College’s endowment is donor-restricted, making it the least restricted endowment at the 5Cs. In contrast, 90 percent of Scripps’ endowment is restricted by donor specifications. Despite significant endowment gains or losses across the 5Cs in the past few years, the percentage of endowment that is restricted or unrestricted has held constant. Laura Schaefer, Pitzer’s chief operating officer and treasurer, described an endowment as a savings account in which you can only spend less than or equal to what the account earns in interest. “For example, if you endow $100, and it earns on average 7 percent interest per year ($7), then $7 is the maximum you can spend,” she told TSL. Endowments are invested and growth is achieved either through reinvestment of the returns earned or donor gifts. It is possible that endowment losses last year were the result of two main factors: losses on
BRECKEN ENRIGHT • THE STUDENT LIFE
on investments and endowments allocated to be spent. Every year, each college at the 5Cs aims to spend anywhere from 4.5-5.5 percent of the average fair value of the endowment over the last 20 quarters. In accordance with this spending policy, once the school determines how much of
ARTS & CULTURE From “The West Wing” to the West Coast: Iconic screenwriter, director and playwright Aaron Sorkin spoke at Scripps College on Nov. 7, covering the highlights and struggles of his legendary career.
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the yearly budget should be covered by endowment spending, that money is taken out as long as it is within this established percentage range. Pomona’s endowment is the largest, meaning that they spent the most — in FY 2022, this number exceeded $104 million. All 5Cs experienced losses on
investments where they usually see gains. These positive returns normally bring in revenue for the college to either spend or reinvest, further growing their endowment. A percentage of each school’s endowment was allocated for spending de-
See ENDOWMENT on page 3
OPINIONS
SPORTS
Sarah Burch PO ’22, a Pomona College alumna, argues that the college is inadequately supporting Palestine and Palestinian students.
On Saturday, Oct. 28, the Claremont-Mudd-Scripps (CMS) women’s cross-country team earned their thirteenth straight SCIAC championship title, and finished with six runners in the top 10.
INDEX: News 1 | Arts & Culture 4 | Opinions 7 | Sports 9