The current shortfall in projected allocations from state legislatures will place unprecedented pressure on the budgets of research universities and will test our definition of American public research universities. Economic realities are likely to spark new interest in the STEM disciplines. The future success of research institutions will depend on insisting on high quality programs that are accessible and affordable to American middle class students. In turn, achieving high institutional rankings will require identification of new revenue streams and highly efficient management processes, even as operational austerity becomes more and more evident. A new emphasis on information technology, mobile instruction, intellectual property, and international collaboration will be essential for us as Americans.