Word: budgeted
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Dates: during 1980-1989
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...major reason for McDonald's dominance is the company's huge advertising budget, which amounted to an estimated $700 million last year, far more than its next two competitors combined. Burger King stumbled during the past year with its nerdy "Where's Herb?" campaign, while Wendy's has been unable to follow up on the success of its faddish "Where's the Beef?" commercials. But McDonald's made a big impression once again with commercials portraying the chain as a caring institution. "We spend a bundle trying to stimulate good feelings about the company. We don't knock our competitors...
Avoiding that kind of protectionist debacle will take considerable American self-discipline. Among other things, policymakers must speedily reduce the federal budget deficit, which has fueled so much excess U.S. consumption. But there will also have to be considerable changes in U.S. corporate and educational culture. American businessmen, who have traditionally paid most of their attention to domestic markets, must become more aggressive in going after foreign sales. American managers also need to take a leaf out of Japanese manuals about greater worker involvement in product quality control. The U.S. education system needs vast improvement before it can produce blue...
More, rather than less, openness in both the U.S. and Japan would also help. Japan's need to reinvest its surplus cash is one impetus driving the country ever closer to the U.S. Another is Washington's need for Japanese funds to finance the budget deficit. Notes Goldman Sachs' Hormats: "Japan and the U.S. are locked in an embrace from which there is no escape. It may create some discomfort, but there is no longer...
...budget-busting highway bill was more than the troubled President could endure: "Have you looked at the condition of the Treasury, at the amount of money it contains, at the appropriations already made by Congress, at the amount of other unavoidable claims upon it?" That President was Andrew Jackson in 1830, and he had enough political clout to make his veto of the Maysville Road Bill stick. The graveled National Road that aroused Old Hickory's ire has, of course, evolved into today's 44,000-mile Interstate Highway System. But the 19th century conflict between pork barrel and public...
...President, will not soon forget the day Reagan went hat in hand to the Senate needing one Republican vote and failed to get it. But it was also the highway bill that restored the fighting spirit the President will need in the coming Donnybrooks with Congress over the budget. As a senior Reagan aide put it, "We may have lost this, but goddammit, at least we're back in the game...