Double Take - Jack Stripling, Inside Higher Ed

The first cut isn’t always the deepest. As endowments continue to lose value and economic outlooks grow ever bleaker, some of the nation’s wealthiest universities are calling for greater sacrifices than they were just a few months ago. In recent weeks, administrators at Stanford, Harvard and Cornell universities have laid out financial assessments that will require budget reductions, layoffs and increased borrowing. These measures go beyond earlier plans to deal with the economic downturn, suggesting the first steps were deemed insufficient to address a problem that has grown in scale.