Second, support America’s public institutions of higher education. State subsidies for public colleges and universities have declined precipitously, and state funding represents an increasingly small share of the budget at public research universities. At the University of Michigan, for example, state funding now accounts for only about 9 percent of total revenues. In the 1950s, by contrast, that number was 80 percent. Tuition at state universities has risen not because they have increased their expenditures per student, but because state legislatures have hollowed out their other sources of support.
America depends on its public colleges and universities. They are engines of social mobility and innovation. Princeton and other private universities make essential contributions to the nation and the world — but there is no way that we could ever replace America’s great public institutions. They are a national treasure, and I urge you to support them.
Third, stand up for the importance of enabling more students from low-income families to earn college degrees. Princeton’s Great Class of 2018 graduates today as the most socioeconomically diverse class in the 272-year history of this University. You will not hold that record for long. Other classes already at Princeton will break your record. Our graduate programs are likewise drawing upon new sources of talent: this spring we admitted the most socioeconomically diverse class of doctoral students in Princeton University’s history.
At Princeton we believe in socioeconomic diversity because we know that to achieve excellence as a University and as a nation we must draw talent from every sector of society. We know, too, that a Princeton degree is a rocket-booster for students seeking socioeconomic mobility. If we want to heal the divisions that inequality has produced in this country, we must ensure that students from low-income backgrounds receive the educations they need to develop their abilities and contribute to our society.
As I look out at our extraordinary class of undergraduate, masters, and doctoral degree recipients, I take pride in your excellence and your diversity, and I am excited about the contributions you will make in the years ahead. The world needs more college degrees, not fewer. We need more celebrations like the one we hold today, with more proud families and happy graduates ready to go out and make a positive difference in the world. All of us on this platform are thrilled to be a part of your celebration. We applaud your achievements. We send our best wishes as you begin the adventures that lie ahead, and we look forward to welcoming you back to this campus on future visits. To the Great Class of 2018 and all of our graduates, congratulations!
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