Pity poor Harvard. The Boston Globe notes that big losses in the university’s massive endowment have “blown in a new age of austerity across the campus.”
“The cuts are big and small. There are the hiring freezes that run to the core of the university’s mission. But there are also the cookies and soft drinks eliminated from small faculty gatherings. A noon-hour seminar series that used to provide catered lunches from local ethnic restaurants will now serve pizza. Faculty members, who are not slated for raises next year, will be expected to pitch in on clerical work.
Harvard’s faculty is worried about “losing out on a generation of young academic talent, as hiring has become virtually impossible,” the Globe notes. Reality check: Harvard’s endowment is still $30 billion, by far the largest of any university. If they can’t afford top talent, who can?
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