Even before President Donald Trump launched his campaign against America’s colleges and universities, the industry faced an existential threat. The country’s tumbling birth rate is pushing schools toward a “demographic cliff,” where a steadily dropping population of people in their late teens and early 20s will leave desks and classrooms empty. Many smaller, lesser-known schools like Cazenovia have already hit the precipice. They’re firing professors, paring back liberal arts courses in favor of STEM — or closing altogether. Bloomberg's Elizabeth Rembert joined Bloomberg Intelligence to discuss with Scarlet Fu and Alex Semenova. (Source: Bloomberg)