Stanford University is set to lay off 363 employees effective October 1, covering various sectors including research, administration, and student services. The layoffs are attributed to a substantial increase in endowment tax from 1.4% to 21% due to recent federal legislation, as well as a significant reduction in NIH funding by approximately $160 million annually. Local officials express concerns about the negative impact on the economy and healthcare, emphasizing the need to support affected workers amid rising operational costs and changing funding landscapes.
Ongoing economic uncertainty in 2025 has created serious operational and financial challenges for higher education institutions. Anticipated changes in federal policy are expected to have significant budgetary consequences.
Make no mistake, these cuts are the direct result of the so-called 'Big Beautiful Bill', a devastating piece of federal legislation that prioritizes politics over people.
Collection
[
|
...
]