Word: cent
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That's a grimmer prediction than most people at Harvard want to hear, but the rough figures bear it out. If the Faculty leaves the campaign with $150 million earned, and makes five per cent interest on that money, it will earn about $7.5 million annually from the new money. But five years from now, by the campaign's end, the Faculty budget will most likely have reached a whopping $100 million. If inflation remains 13 per cent, the extra $7.5 million will have cushioned the Faculty surprisingly little. In fact, the years of administrative planning and fund-raising work...
...always, darkens the horizon, and the future looks worse, not better. "We assumed that if we worked hard to save money for four or five years we could begin to recover with the help of the national economy," Kaufmann says. "But here we sit looking at a 13 per cent inflation rate." He compares his position to a doctor who keeps running tests on a sick patient to discover what's wrong, and each new test fails to work, until he begins to run out of tests altogether...
...course, the fickle economic cycle may turn again, reducing inflation and allowing the capital campaign to leave a more solid achievement. And, on the other hand, if inflation holds steady at 13 per cent for the next five years, worse problems across the nation may overshadow the plight of the Harvard Faculty of Arts and Sciences. But the College has weathered many gales over three and a half centuries, and no matter what happens in the world outside, its leaders intend it to survive and maintain its standards. Only right now, they're not sure...
White, challenged by three other candidates, nevertheless pulled in 42 per cent of the vote, a lead he should have little problem parlaying into a fourth term as the city's chief executive in the final election...
...last three years black pupils in South Boston high school have received leaflets printed with Nazi insignia, racial slurs and exhortations to leave the school, as they entered for the first time each fall. Last spring Madison Park High School evacuated its students, who are 40 per cent white and 60 per cent black, when fighting broke out at midday...