This study examined the ways that the "public good" of higher education is being conceptualised as economic benefits and cost/benefit rationalities in the current economic downturn. Based on the case of Arizona in the United States, a discourse analysis of speeches was performed on the way public, state and institutional leaders described ways that the public higher education system must respond in the changing global economy with less state funds directed towards public institutions. The findings demonstrate the changing public nature of higher education from emphasising individual over societal benefits, thus also reflecting changing funding sources.