The presidential election is over, and now the No. 1 story and concern for most Americans is the economy.

Hundreds of thousands of Americans are losing their jobs. The giant automobile business is on the ropes, and major industries are asking for government loans or bailouts. Millions of investors have lost tremendous sums of money because of the historic drop in the U.S. market, and the housing market is in a freefall. Business after business is having to adjust, trim excesses and figure out how to survive in the current, very scary, environment.

Few individuals or businesses are immune from the current economic situation. At a time such as this, executives of most businesses are being judged relative to their vision and abilities to lead. Have they been diligent in taking care of their respective companies? Have they protected their investors and owners? Do they have the strength, leadership and vision to lead their companies in the upcoming challenging times?

The largest employer in Lawrence is Kansas University, and it, too, is very vulnerable to this slump. The school employs thousands, and the domino effect of the employment and earnings of these thousands has a huge economic impact on the entire city, as do the more than 25,000 students on the KU campus. This same concern applies to Manhattan, Hays, Pittsburg, Emporia and, to a lesser degree, Wichita.

Tax revenues have taken a nosedive in Kansas, and state officials have told KU leaders they should plan on a 3 percent reduction in state assistance in the current fiscal year and perhaps an even larger, 4 percent, cut the following year.

Aside from state tax support to pay the university’s bills, the school relies on student tuition and fees to provide a substantial portion of the university’s budget. Added to these sources of money are the grants from a variety of federal agencies and private fiscal support.

All of these sources of revenue are in danger. State officials already have said cuts are likely. The economy may keep many families from being able to help finance their sons’ or daughters’ college education. The economy is likely to eliminate many part-time jobs in Lawrence that might be filled by students to help meet their financial needs at KU. Grants may tighten, and private giving probably will drop off.

The earnings of the KU Endowment Association are sure to decline with the drop in the stock market, and this probably means fewer dollars provided by the association for student scholarships, faculty enrichment programs and many other university activities that the state alone cannot fund.

The university’s health, vitality and vision is of great importance and concern not only to Lawrence residents but to the entire state.

There hasn’t been a time in the past 60 years or so that the need for vision and leadership at the university has been greater, or a time when visionary, powerful leadership could pay bigger dividends for the school.

It’s not an easy or comfortable situation to discuss, but there is growing concern about the level of leadership at KU. It is known Provost Richard Lariviere is looking at other job opportunities, and a growing number of KU friends have expressed concern about the overall leadership in the chancellor’s office.

Those expressing this concern are not doing so because of a personal dislike of the chancellor or provost, but rather because they are interested in what is best for the university.

At a time such as this, the school and the state deserve — and must have — the best possible leadership and vision. With such leadership, the school not only would be able to navigate these troubled times but also take advantage of unique opportunities to strengthen the school.

KU cannot be allowed to merely float with the tide. To remain strong, it must have visionary, enlightened and physically demanding leadership to inspire faculty and students, enthuse and sell state legislators on the vital importance of maintaining excellence at the university, and leadership that will excite and generate interest and support among the school’s alumni and friends. Private giving will become even more important.

The Kansas Board of Regents has the responsibility of making sure the schools it oversees are doing the best possible job of providing a stimulating educational environment for their students and that the chancellor and presidents are doing a superb job, not just an adequate or average job, of running these schools. An average, mediocre or “OK” job is not good enough and is shortchanging students, faculty members, parents of students and Kansas taxpayers.

This is particularly true today, when times are tough.

How will KU weather the next several years of challenging economic conditions, and how will this impact Lawrence and the state of Kansas?

The excellence of KU’s leadership should be of great concern.