BREAKING NEWS: Harvard cancer grant's loss is Idaho trade school's big gain

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25. Universities are tapping into unrestricted funds.

But it isn't going to last long.

Most research universities have much smaller endowments than Harvard. So far, the Trump cuts are costing at least $500 million a year for most research institutions. They're likely to cost much more if all the threats are fulfilled. Their unrestricted funds will be exhausted quickly. And meanwhile, the other things they were spending those funds on don't get paid for, either.

Look at it this way. Suppose you are 50 years old and you have a job that pays $50,000 a year. You've managed to put $200,000 into a retirement account.

Suddenly, unexpectedly, you lose your job. What do you do? You can cut back on costs, sell your car, move in with your parents or kids, stop eating out, maybe spend some time getting a certification for another job. In four years you have a job again and you can resume saving for retirement. You still have your $200k plus whatever the market earned. In 10 years you can retire. You made it through the crisis but you had to give up a lot.

But suppose your community says, "hey Lilred, we counted on your volunteer time and donations! You can't move and cut back like that. Why don't you dip into your retirement and keep spending?" After four years you have no job and no retirement fund. Now what?