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Say you're a Harvard professor and you decide to dabble a bit in politics. You decide to move back to Canada in hopes of becoming prime minister. Shouldn't be that hard. Before you go, you tell the school paper that if things don't work out, you'll probably return to Boston and pick up where you left off.

That would appear to have been Michael Ignatieff's plan, but things might not work out the way he was hoping. Harvard is going through some tough times. According to Boston magazine, its endowment, onces a porcine $37 billion, is down about $11 billion due to some unfortunate investment setbacks. And since it's not making any money, Harvard has to withdraw about $1.4 billion from capital to cover its operating costs, which would normally have been paid for out of profits. Which leaves a relatively paltry $24 billion left in the fund.

Not bad by most standards, but Harvard is used to big-time spending, without worrying much about where the money comes from. (Hey, that reminds me of a federal political party here in Canada. No wonder Ignatieff felt at home with the Liberals!)  It has big expenses, and $24 bil isn't going to cover them. In fact, says the magazine:

 While Harvard officials are doing their public-face best to downplay the problem, the numbers don't lie, and this economic crunch will leave the school a profoundly changed place. Harvard will have to become smaller and academically more modest, and as it does it will chafe at having grand plans without the resources to fund them. For the first time in decades, it will worry about merely paying its bills. The university will have to decide: If it is no longer so rich that it doesn't have to make choices, what does it really value? What are its priorities? It won't be a comfortable debate.

"We are in trouble," says one Crimson professor. In the aftermath of deep and damaging cuts, "there is a real chance that Harvard will no longer be considered the best there is."

Uh-oh. If things take a wrong turn in Ottawa, the Liberal leader might have to reconsider Plan B. It's just possible the old school won't be waiting with open arms, or without an open chequebook anyway. Maybe he'll have to stick around Ottawa longer. Maybe he'll have to teach at a Canadian university. Oh, the shame. Hey, maybe that's why he's so eager to make it easier to collect EI.

Kelly McParland
National Post