What do you think is bigger: The Hashemite Kingdom of Jordan’s GDP or Harvard’s endowment?

That’s right, according to the New Republic, Harvard is sitting on more wealth than Jordan produces in a year. Harvard’s endowment also beats out the GDPs of Honduras, Haiti, and the Bahamas. And lest you think it’s only elite private schools sitting on nation-state-worthy piles of cash, the University of Texas state system is wealthier than the Islamic Republic of Afghanistan.

Perhaps this would be a little easier to digest if UT hadn’t raised its in-state tuition 15 percent over the last 5 years, or if Harvard were using its money to intellectually challenge its students instead of handing out A’s like candy.

There’s nothing wrong with reaping the returns of smart investments. The issue is how universities spend their money when flush with cash. Too often, despite sizeable endowments, colleges and universities are still raising tuition, overpaying presidents, and allowing administrative staff to grow while academic instruction remains on the back burner.

Students, parents, and taxpayers deserve better. Trustees ought to consider endowment size before voting for more tuition increases, and donors should ask tough questions about university finances before writing more checks. After all, any university sitting on more wealth than a Middle Eastern country ought to expect some scrutiny.