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Locals Ponder Obama's Future

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You may want to hold off on that new car or think twice before booking that Spring Break trip to Acapulco, or even stop yourself from shelling out the $7.00 for a Collegetown bagel, because despite the House’s approval of the economic stimulus package, experts warn that there will be no quick solution to the financial crisis. 
Yesterday, just over 40 people gathered at the Tompkins County Public Library to hear a panel of experts discuss what President Barack Obama must do to begin to right the economy. The event, which was sponsored by the Ithaca Democratic Socialists of America, featured four speakers who offered unique insight into different aspects of the issue. 

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Don’t Forget About Entitlements

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Short-term profits, irrespective of potential long-term catastrophes, have pushed the U.S. economy into recession and the financial markets in to a standstill. In response, the Obama administration along with the 111th U.S. Congress is designing a stimulus package in the amount of $800 billion. While the nearsightedness of the financial industry has caused this mess, the Obama administration must not be so quick as to forget this lesson. Spending on healthcare as a whole is currently 16.2 percent of GDP, while Medicare alone is approximately 3.2 percent of GDP. As the economy slows, however, expenditures on healthcare seem to consume an ever-increasing percentage.

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Wegmans Offers Free Medicine

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In an effort to help alleviate the economic strain on customers, Wegmans Food Market Inc. has decided to make prescriptions for oral antibiotics free for its Club Shoppers. The program will run during the months when usage of such medicine peaks, from Jan. 7 to March 31.

“We realize that customers and employers are feeling the pinch of economy,” Jeanne Colleluori, Wegmans communications and media specialist. “One way to help people lead healthier lives is by relieving the economic pressure of their pharmaceutical requirements.”

Although Wegmans will not divulge the financial cost of this initiative, the company expects that its customers will save $1 million.

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Univ. Claims Zero Impact From Madoff

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Although Bernard L. Madoff’s $50 billion ponzi scheme has burdened many institutions of higher education with unforeseen losses in their endowments, Cornell has yet to report any losses incurred by the scandal.
Federal Bureau of Investigation agents arrested Madoff on Dec. 11 and federal prosecutors charged the 70-year-old man with securities fraud. While Madoff’s investors include wealthy individuals like New York Met’s owner Jeff Wilpon and banks around the world like HSBC and Royal Bank of Scotland, Bloomberg reports that Madoff “had directly affected 400 U.S. nonprofits.”
James Walsh, chief investment officer for Cornell, said in an e-mail, “I am glad to say we had zero exposure to Madoff and strongly believe it would never have found its way into our portfolio.”

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Skorton Forgoes a Salary Increase in Light of Economy

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Cornell, like other universities across the country, is being forced to adapt to the recent economic crisis. In response, the administration has instituted a 90-day construction pause and a non-professional hiring freeze to limit expenses. But despite the conserve-and-cut mentality that has gripped students and universities alike in the wake of the economic meltdown, university presidents across the country are earning more than ever.

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C.U. Endowment Expected To Shrink in Wake of Crisis

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This is the second part of a series delving deeper into the economic crisis and its effects on higher education, particularly at Cornell.

Despite having an “all-weather portfolio,” Cornell’s $6 billion endowment is not immune from the financial storm that is sweeping across the nation.
The endowment acts as a stable source of funds for the University, and nearly all of the money is invested long term. Cornell’s endowment makes up about 11 percent of the University’s revenue.

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Hope and Resolution

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It’s been over one week now.

One week since Barack Obama became president.

One week since he surmounted all obstacles and shattered many boundaries to reach the highest office in the country.

The euphoria on Tuesday night at his victory, at the collapse of one more racial barrier, and at the imminent expulsion of President Bush was tremendous. That night, Washington D.C. was ablaze. Cars raced down the avenues, horns blaring, radios loudly blasting the voice of Obama as he gave his victory speech. People were heard shouting in their homes, in the bars, even in the local CVS.

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Wegmans Supermarket Vows to Lower Prices

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Excitement is slowly starting to build in anticipation of the holidays, but at Wegmans, that time of year seems to have already arrived. Last week, Wegmans issued a statement on their website saying, “Wegmans is lowering prices — just in time for the holidays!”
Danny and Colleen Wegman, the two owners of the grocery store chain wrote in a letter that because of anticipated cost decreases, the company had decided to bring the prices down as soon as they could. The CEO and President of Wegmans, Danny Wegman said, “It’s ok with us if we make a little less money.”
Jo Natale, director of media relations for Wegmans, explained some of the reasons for the price decreases.

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Tuition Rate Expected To Rise Less Than Usual

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In the midst of a national financial crisis, college students must face the additional burden of increased tuition costs. Tuition for the current academic year for private institutions increased by 5.9 percent and by 6.4 percent for in-state public colleges, according to College Board’s most recent pricing report. The inflation rate for the same period was less, at 5.6 percent.
Though average tuition outpaced inflation for another year, most colleges decided not to increase tuition relative to inflation as much as in past years, acting “socially responsible,” according to Prof. Ronald Ehrenberg, industrial and labor relations and economics.

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Skorton Hosts Forum About Economic Plan

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Yesterday afternoon, President David Skorton spoke to faculty, staff and students in Bailey Hall about the effect of the current economic crisis on the University.
“After looking at the situation, I still can not be exactly sure of what the downturn in the economy is going to do to Cornell,” he said. Still, he stressed that “we need to approach this calmly.”[img_assist|nid=33350|title=Looking ahead|desc=President David Skorton speaks about C.U.’s response to financial troubles and fielded questions from the audience.|link=node|align=left|width=|height=0]