HIGHER EDUCATION BUBBLE UPDATE: ‘It’s Just Been Agony’: Facing a Big Deficit, the New School Begins Layoffs. “One of New York’s most prominent universities has handed layoff notices to about 15 percent of its employees, marking the latest in a series of cost-cutting measures it’s taken to rectify a budget deficit last reported at $48 million. The New School, a private institution known for its progressive history, is also consolidating its four colleges to two beginning this fall.”

If only there had been some sort of warning.