The political left is always talking about the great divide between those who have done well and those who live in or close to poverty. However, it’s unusual to see any liberal offering up a room in his house or showing personal charity rather than relying on the government to provide charity. A recent example of this phenomena is an incident in New York City that has recently caught the eyes of the press.
On Sunday, The New York Post reported the following:
The ultra-progressive New School university is facing a projected $85.5 million budget deficit — and things are so bad that even asked students and faculty have been asked to submit budget-cutting suggestions.
In no surprise for a school that’s produced Marxists and progressives such as Jacques Derrida and Erich Fromm, the ideas include chopping executive salaries and even selling off the school-owned Greenwich Village townhouse currently occupied by former Clinton cabinet member Donna Shalala, now serving as New School’s interim president.
The New School woke up to a harsh reality during the pandemic: operating a private university in lower Manhattan is quite expensive.
After enrollment tumbled by 15%, the college dipped into its endowment to offset a $130 million revenue shortfall.
According to their website, The New School was founded in 1919.
I guess it’s expensive to operate a school in New York City. Here are their tuition costs:
The article concludes:
Professor and chair of economics Sanjay Reddy has suggested alternative cost-cutting measures, like emergency fundraising and further salary cuts to the highest-paid employees.
As he points out, the New School president’s salary is higher in proportion to its endowment than Harvard’s president’s, and the presidential townhouse is worth an estimated $15 million
The New School told The Post that a first wave of community suggestions are being implemented — including optimizing the school’s real-estate portfolio, leasing out venues, managing its trademark and reimagining the campus bookstore. Another round pertaining to academic changes is forthcoming.
Professor and chair of economics Sanjay Reddy has suggested alternative cost-cutting measures, like emergency fundraising and further salary cuts to the highest-paid employees.
As he points out, the New School president’s salary is higher in proportion to its endowment than Harvard’s president’s, and the presidential townhouse is worth an estimated $15 million
The New School told The Post that a first wave of community suggestions are being implemented — including optimizing the school’s real-estate portfolio, leasing out venues, managing its trademark and reimagining the campus bookstore. Another round pertaining to academic changes is forthcoming.
Maybe you should try operating the school along the lines of basic capitalistic principles. That has a better track record than either communism or socialism.