The economic position of college faculty members is examined. It is suggested that a declining relative and absolute economic status for faculty has been in evidence for several years and shows no signs of abating. Faculty members are being forced to find ways to supplement their salaries through outside activities and second jobs. It is also suggested that despite efforts to curb participation in outside activities, this is becoming a popular practice. Declining enrollments, an overabundance of Ph.D.s, and changes in public attitudes toward higher education are cited as contributing to a decline in the relative and absolute status of college faculty. Trends in faculty salaries since 1948 are examined. The data indicate that the salaries failed to keep pace with sharply rising prices and other professional salaries over the past decade. Several suggestions are proposed for alleviating any inequities apparent in the faculty salaries. These suggestions include the incorporation of cost-of-living adjustments, salary increases awarded for recognition of professional development, and reduction of instructional staff. It is suggested that failure to remedy this situation may affect the quality and quantity of faculty performance, may lead to extensive faculty unionization, and may force more faculty to seek additional employment opportunities. (SF)