The Money Issue
Money has little intrinsic value; its significance lies in a shared belief, as noted by Jacob Goldstein in Money: The True History of a Made-Up Thing. In higher education, money shapes ambition, sustains institutions, and influences tough choices. For example, federal funding can fuel research and community impact, but potential cuts may threaten an institution’s role as a local anchor. Conversely, budget shortfalls can force universities to cut programs, staff, and even entire departments. Money also reflects values, as stagnant faculty salaries often lag behind industry growth. Despite being a “made-up thing,” money profoundly shapes higher education’s future.
Faculty salaries haven’t moved for over a decade, and draconian cuts to higher ed threaten to make things worse.
After the expected approval of a landmark settlement on money in college sports, many questions will remain unanswered. The White House might take them up.
The Cal State campus is slashing academic programs, laying off faculty, and, in an unusual move, scuttling its entire Division II athletics program.
A $1-billion loss in funding will ripple out to the city.
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