Austerity: Know the Facts
In February of 2025, Cornell announced that they would be instituting a campus-wide hiring freeze to account for “cuts to federal research funding.” Two months later, in April, the federal government froze hundreds of millions of dollars of research funding at Cornell, affecting every aspect of the University’s operations. It was all downhill from there. In August of 2025, Cornell told its community that layoffs were inevitable, and that austerity measures should be expected across campus. But is Cornell’s narrative about its finances true? Or is it a sob story meant to keep our eyes away from where the money is really going?
AUsterity in cornell’s words
“If you have employees in your organization who have available time, you should consider asking them to take on this work if possible”
“Simply put, neither the federal resolution nor recent gifts alter the imperative for Cornell to implement significant structural change to our operations.”
what is “resilient cornell”?
In Cornell’s own words, “Resilient Cornell” is a plan to “address pressing financial challenges… without compromising institutional excellence by embracing new designs, technology, collaboration, and innovation.”
FACT: Cornell announced a $371.5 million pledge from David Duffield — the largest gift in university history — on January 22nd, 2026.
where is the money going?
Executive Salaries
FACT: Executives at Cornell have seven-figure salaries. President Michael Kotlikoff makes over one million dollars a year. Cornell’s Chief Investment Officer (i.e. the man who brings in the money) Kenneth Miranda makes double that amount.
International workers
FACT: Institutions such as Northwestern, Dartmouth, and the University of California all offer monetary support for international workers to cover the cost of visa renewals and other immigration-related expenses. Cornell, by contrast, offers international workers thoughts and prayers.
New buildings
FACT: In October of 2025, Cornell purchased an office building in Manhattan for over half a billion dollars. In 2025, they spent sixty-eight million dollars on a new field house, breaking ground at the same time that the University instituted cuts across campus in the name of austerity.
where could it be going?
Living wages
FACT: A living wage for a single adult with no dependents in Ithaca is $51,626 a year. A graduate worker employed as a teaching assistant at Cornell makes $48,912 a year, falling $2614 short. Fellows make even less.
Ithaca
FACT: Cornell only contributes under $500,000 to the Ithaca community. If they were not tax exempt, they would pay $10 million in school district taxes alone.