In 2000-2003 state governments were cash-strapped as they suffered the aftermath of the stock market tech bubble and 9/11. Did you know that 1 million jobs were lost in the U.S. in the month after 9/11? Because of the states budgeting crises, public universities found their budgets under fire. When budget cuts/freezes were enacted in the 2000-2003 periods and again in 2008-2011, schools were shocked at the size of the changes in their budgets. Many of these budget cuts came during the school year when contractual commitments with faculty and staff had been signed, programs had been planned, and students were enrolled and taking classes. While state budgets have recovered in most states, still in 2019 some state governments are faced with potentially more draconian cuts to their budgets. Many states have already come to Washington, DC to join the bailout line. Lets consider how universities may handle budget cuts. Q2, 2. Assume the universitys administration decided not to enact across-the-board cuts. Instead they are enacting more focused reductions. What departments should be cut first? What priorities would you establish for bringing spending in line with revenues? Would you raise tuition and fees more than normal to make up the budget shortfall? Why or why not? Explain your rationale