If education is indeed the great vehicle of social and economic mobility, then higher education is no longer delivering the promise of the “American dream.” In fact, this “dream” has become a fiscal nightmare. Colleges and universities saw 9,000 job cuts and buyouts in 2025, and several college closures, mergers, and looming budget crises have already been announced in 2026. Portland State University is one of the most recent casualties, with a projected deficit of $35 million.
How did we get here?
Universities have been operating like corporations for quite some time now. Business terminologies — like return on investment (ROI), efficiency, strategic alignment, move the needle, transparency, buy-in, revenue generating, burnout, bottom line, deliverable, best practices, and others — have been normalized in strategic plans and administrative reports…