HIGHER EDUCATION BUBBLE UPDATE, AT WAR WITH THE STATE LEGISLATURE EDITION: UNC Law School Alums Rally Against Proposed ‘Catastrophic’ 30% Budget Cut As Payback To Liberal Faculty (Especially Gene Nichol). “The school ranks 38th currently in U.S. News & World Report’s ratings. In 2000, it ranked 22nd.”

UPDATE: Eugene Volokh emails: “Might it be useful to note that the budget cut would actually be only about 13% of the school’s budget ($4M out of $31M)? The 30% is the fraction of the school’s state appropriation that would be cut.” Good point. Still a major cut, but not as bad as it sounds.