Education: The College Depression

U.S. campuses face their "greatest crisis in the 330 years since the founding of Harvard," says Clark Kerr, head of the Carnegie Commission on Higher Education. The problem is not radical student protest; it is a radical shortage of money. Though academics have always made a practice of crying poverty, Kerr's commission last week issued a sobering report (the latest in a series of impressive campus analyses), which offered unusually specific evidence that the financial squeeze is getting worse.

In recent years at least 21 colleges and universities have gone out of business or been absorbed by larger ones. After two decades...

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