Interesting that nobody has commented on what this will likely result in - fewer grad students. If this is a good or a bad thing depends on your point of view.
Edit. Stupid typo :)
Edit. Stupid typo :)
I did day it depended on your point of view. As a grad student less competition is good - if you are part of those exploiting grad students then not so good.
The current academic system is a Ponzi scheme that has to end at some stage and it might as well be now.