Academic Armageddon Advances

Robert Kelchen of the University of Tennessee, writing in the Chronicle of Higher Education recently, described the most dire problem facing higher education today: “The list of institutions trimming academic programs, implementing furloughs, and laying off employees is long and growing…” A massive financial crunch has hit many schools because of sagging tuition revenue growth (reflecting falling enrollment or more aggressive discounting of tuition fees) and reduced public financial support in the form of federal and/or state aid and stagnant private philanthropy, all occurring in an environment of heightened inflationary pressures increasing the dollars needed to operate. While the problem...