Money and Finance
UNLV president’s somber warning on budget cuts moves faculty to tears
Found via the Mises Blog. To repeat Sir John Templeton’s 2005 prediction: “Most of the methods of universities and other schools, which require residence, have become hopelessly obsolete. Probably, over half of the universities in the world will disappear as quickly in the next 30 years.”
In what must have been one of his most painful tasks in office, UNLV President Neal Smatresk warned faculty leaders Tuesday to prepare for a budget catastrophe — news that left some in tears.
Smatresk at times sounded almost in mourning as he spoke to the Faculty Senate, saying he had instructed his provosts to start planning for more cuts in staff, departments and programs.
The faculty was angry and indignant.
“I’m sick we are destroying much of what we’ve built,” said Cecilia Maldonado, an educational-leadership professor and chairwoman of the Senate.
“This amounts to foreclosure,” said Greg Brown, a history professor and president of the Nevada Faculty Alliance, a professor group.
Michael Bowers, UNLV’s provost, noted that UNLV is 54 years old and that he has worked there 27 years. “I never thought this day would come, but we have to plan,” he said.
The emotional display was unprecedented, Bowers said after the meeting, “because we’ve never had a situation like this before.”
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Inside Higher Ed: Tuition Revenue Down
The comments the article linked to below bring back to mind: John Templeton (June 2005): “Most of the methods of universities and other schools, which require residence, have become hopelessly obsolete. Probably, over half of the universities in the...
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Colleges Lose Pricing Power
The demand for four-year college degrees is softening, the result of a perfect storm of economic and demographic forces that is sapping pricing power at a growing number of U.S. colleges and universities, according to a new survey by Moody's Investors...
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California Running Out Of Money Again
To quote economist Rich Farr, “...if California was its own country, it would be the world’s 9th largest economy, according to 2010 GDP data. With an annual GDP of $1.9 trillion, California’s economy is nearly the size of Italy’s and it is over...
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Academic Bankruptcy - By Mark C. Taylor
WITH the academic year about to begin, colleges and universities, as well as students and their parents, are facing an unprecedented financial crisis. What we’ve seen with California’s distinguished state university system — huge cutbacks in spending...
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The American Spectator: What Would Sir John Say? – By Theodore Roosevelt Malloch
I thought this article was worth pasting in its entirety. The post below was taken from: http://spectator.org/archives/2009/01/08/what-would-sir-john-say/print What Would Sir John Say? By Theodore Roosevelt Malloch on 1.8.09 @ 6:08AM As "annus horribilis"...
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