Word: fiscal
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...thinking of the union leadership has shifted considerably over the past five months—from optimism that members could weather the fiscal storm without suffering too many ill effects, to sober recognition that sacrifices will have to be made to bring the University back into the black. “We were more hopeful originally that any changes in the staffing pattern or reductions would be incremental or spotty,” Jaeger says. “But it’s become clear in the past few months, it’s worse than that...
...Administrators spoke ominously of an impending fiscal crisis, dire warnings were issued in University-wide letters, and officials threw around numbers that spelled out a challenge greater than any that had confronted the Faculty of Arts and Sciences in decades...
...It’s a question left hanging over the Faculty, as its leadership struggles to confront an unprecedented budgetary quagmire. The concern reverberates all the more as the school finds itself in the hands of unseasoned administrators—unfamiliar with the sort of fiscal magicking needed to unite a disparate and confused Faculty behind deep budget cuts...
...Brett C. Sweet remains unknown to many professors and staff, but the FAS dean for administration and finance has gained attention in tandem with the increasing fiscal pressures. Smith first called attention to his financial guru at the November Faculty meeting: he had asked “Brett Sweet and others” to research Harvard’s coping mechanisms during past recessions. In a rare moment of uncertainty at the next meeting, Smith stopped mid-thought to double-check a fact with Sweet, who sat on the sidelines. “Yes,” Sweet quietly affirmed...
...Geithner repeats constantly, both in public and in private, that the Obama Administration is committed to returning to fiscal responsibility - pushing deficits down to 3% of GDP - in the "medium term." On his first visit to Beijing, the Treasury Secretary could claim to his Chinese hosts that the necessary precondition for that return to fiscal sanity - a little bit of economic growth - might be on the horizon. Considering where things were the last time he met China's Premier - in October of last year, when the global economy was, as Geithner says now, "falling off a cliff" - that...