Word: deficits
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...five months since Faculty of Arts and Sciences Dean Michael D. Smith held a town hall meeting with the FAS community regarding a then-$220 million deficit, proposed solutions to the budgetary quagmire have been scant, breeding confusion among faculty and staff, who hope that this afternoon’s “Discussion with the Dean” will end the dry spell...
...Nothing. Nothing, other than Mike [Smith] sending out a notice saying there will be a meeting...There’s no transparency,” said Engineering Professor Frederick H. Abernathy, who expressed frustration at the absence of administrative outreach in the face of a gaping deficit...
...town hall meeting in April, Smith called for a broad-based restructuring of FAS to close a $220 million deficit over the next two years. In May, $77 million of possible savings proposed by FAS units were implemented in a sweeping round of cuts, which later included mass layoffs for staff. Smith charged six working groups with identifying the remaining $143 million. Those groups have seen varying degrees of progress since their creation...
...time last year, it appeared that this deficit-ignoring bliss might end. Chinese officials said repeatedly that they were uncomfortable holding so many U.S. securities. Interest rates on Treasuries inched up. And another billionaire launched an assault on deficit spending - this time private-equity kingpin Peter Peterson, who took most of the $1.9 billion he made from the 2007 initial public offering of his Blackstone Group and put it into a foundation devoted to raising fiscal awareness...
Then came the Panic of '08. Investors saw Treasuries as a safe haven and poured money into them, driving down interest rates. Officials in Washington spared no expense in battling the crisis. The result is a deficit of unprecedented size but with no perceptible pressure from financial markets to reduce it. No pressure so far, at least. The federal debt, at $7.6 trillion, is now above 50% of GDP and rising. The government faces commitments to Social Security and Medicare that dwarf that figure. Republican congressional leaders have decided they care about deficits again - and seem to be making headway...