California Budget Crisis Update: 8% Pay Cut for University of California Faculty in the Offing

Wow.  Any private or state school with money for hiring is going to be looking hard at the U of C system for talent next year if this goes through.

UPDATE:  A philosopher in the UC system writes:

The UC pay cut is actually more like 10%.  That is because a separate decision earlier this year meant that they are, starting next yr, directing 2% of our pay into our pensions.  So the 8% cut will come on top of the 2% cut.  And none of that factors in the lack of cost of living increases for many, many yrs.  Most UC faculty are already making 20-30% lower than market rates.  Subtract another 10% and you're right, it could be the end of UC being a preeminent school.  With ten campuses (including UCSF), a 20% cut in state funding is effectively not (state) funding at all two whole campuses.