Word: budget
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California's crisis continues while Governor Arnold Schwarzenegger and legislative leaders inch slowly toward agreement on the deep cuts necessary to close the state's massive $26 billion budget shortfall. Now, even as California continues to pay its bills with IOUs, the University of California, the nation's leading public university, is being forced to cut its budget by $813 million - or 20%. It is highly unlikely that these cuts will be reduced by a budget agreement in Sacramento...
That may sound like a cop-out. At least until you consider how many other economic forecasters got it wrong. Dozens of states have found themselves with budget shortfalls, some quite massive, partly because economists weren't ratcheting down expectations of tax revenue nearly fast enough. In late November, the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters indicated GDP would decline at an annual pace of 1.1% for the first three months of 2009. The economy proceeded to shrink at a pace of 5.5%. (See what to expect when the recession ends...
...parts of the economy are in flux. "This has been an extraordinarily difficult period for forecasters," says Harvard economist James Stock. "Our models aren't really designed for predicting massive changes." Philip Joyce, a professor of public policy and administration at George Washington University, figures that in normal times, budget projections a couple of years out tend to be pretty reliable, at five years less so and at 10 years not much at all. "But these aren't normal times," he says. "In recessions, even the short-term numbers aren't very good, because a lot of the factors that...
Months after launching a Web site billed as a tool for budget cutting transparency, Harvard's largest school quietly inserted three minor cuts to summer services at student-focused offices for sexual assault, study aid, and alcohol and drug prevention...
...point for Harvard Depository materials owned by other libraries as of July 7, and materials from other libraries cannot be called to Fung either. Furthermore, Fung will no longer provide course reserve materials beginning in the fall. Those materials will now be provided at Lamont Library instead."These were budget-driven changes," said HCL spokeswoman Beth S. Brainard in an interview with The Crimson, adding that by outsourcing course reserve preparation duties to Lamont and restricting circulation, Fung would be able to reduce expenditures but maintain core services. "[The collections] are not circulating because there is a cost associated with...