Q&A | Levin: 'This is not the end of the world'
Richard Levin, who assumed office in 1993, has served as Yale’s president in a period of remarkable economic prosperity. Now, as he outlined Tuesday in a 2,000-word letter to faculty and staff, he and his colleagues face the challenge of balancing ambitious new initiatives with the reality that Yale’s endowment is today worth three-quarters of what it was on June 30. Levin, who is also the Frederick William Beinecke Professor of Economics, spoke by phone to the News...
But will Levin and the higher profile officers take salary cuts or freezes? I doubt it would really do THAT much, but still.
Maybe not the end of the world, but is it the end of the new colleges?
With these terrible economic times, Yale should let students attend for free next year. Yale can afford it if it chooses to do so.
George Patsourakos
For Yale President Richard Levin to say "This is not the end of the world" indicates that he is complacent with the impact that America's economic slump has had -- and will continue to have -- on Yale. The fact that Yale's endowment has dropped 25 percent since June 30 -- the sharpest drop in Yale's history -- is reason enough for President Levin to implement several cost-cutting measures now. These measures could include freezing all faculty and staff positions, with no new hiring; halting all building construction and renovations; eliminating all overtime pay and pay that might have been used in the past in place of vacation time; and other cutbacks. It would behoove President Levin to keep in mind that the current economic slump is the worst one since the Great Depression, which lasted some 10 years. During those 10 years, many teachers were laid off, while others were "happy" to take pay cuts, because they were able to hold onto their jobs!
Free tuition is over the top. I'm sorry, rich families should have saved wisely. If you're living an opulent lifestyle based on a high salary but also high debt, its time to change that lifestyle. A family making $600,000 should not get free tuition. For a family making $200,000 or with several kids...that's a different case. The financial aid package is enough. What else do you want?
Yeah #4...what else do you want? These are hard times for everyone, so value what is already generous. Finish Your Drink, there are Sober Kids In India.
George Patsourakos,
Levin is an economist, with a PhD from Yale, and the former chair of the economics department. I think he is aware of the implications of our current "crisis." His emphasis on not overreacting will more than likely prove a boon for Yale.
Levin sure doesn't sound confident here that the new colleges will go forward...
"Q: So there’s really no chance that, say, the new colleges or new SOM campus just won’t happen at all?
A: I really want those things to happen, and I’m going to do my best to raise the money and make it possible for them to move forward."