Kanosians take a blow

CalWatch: 

Dramatically reopening what had seemed to be a settled matter, the University of California at Berkeley revealed plans for a sweeping spending reassessment due to vast deficits.

Berkeley chancellor Nicholas Dirks said “the university had a ‘substantial and growing’ deficit that could threaten its long-term stability,” according to the New York Times, “and that it needed to reduce expenses and raise revenues to maintain its position as a premier public institution.”

Sounds like an internal bankruptcy:

To stay afloat, UC Berkeley has resorted to a supervised emergency bailout, with strings attached, from the UC system as a whole. The campus will “receive at least $200 million in loans and debt restructuring from University of California headquarters,” the Chronicle reported, “and will spend the next several months working with UC officials, faculty and the campus’ fundraising foundation to identify cuts and brainstorm ways to attract more cash.”

Plans have already been in the works sketching out exactly what that months-long process will entail. “Berkeley will scrutinize its entire workforce, redesign some academic programs, step up fundraising, expand online course offerings and take other steps to cut costs and increase revenue,” according to the Los Angeles Times.

And I thought the Choo Choo was supposed to make us all modern and stuff.