The university needs a couple shiny new buildings and the employees need a fancy retreat in Aspen, so grad students need to be happy with crumbs.

Poe's law disclaimer: sarcasm, a miraculous new technology that makes words have absolutely identical meanings in a completely humorless manner.

I survived in grad school on much less than 28k in a very high cost of living city. If anything, graduate student compensation is ridiculously high these days. I don't see anything but money-grubbing here.