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Read TIME's 2002 cover story "The Legacy of Abraham...
Less optimistically, firms might be realizing they've let go of so many already, more cuts would hit bone. Also, reducing paychecks during a recession can provide cover for companies that had been looking to trim labor costs anyway. But maybe we should hope for purer intentions. And that the plan for avoiding layoffs works...
There is one statistic in our extraordinary poll and cover story about "The New Frugality" that illuminates a wonderful contradiction in the American character: 57% of those surveyed believe that in this new economic environment, the American Dream will be harder to achieve, while virtually the same percentage, 56%, believe that America's best days are still ahead. It's this distinctively American combination of realism and idealism, of hardheadedness and optimism, that guarantees the U.S. will emerge from our financial doldrums with new energy, new ideas and new purpose...
Week after week, we have been focusing on the state of the economy and how it's causing people to change their lives and recalibrate their expectations. For this week's cover story, written by editor at large Nancy Gibbs and designed and produced by deputy art director D.W. Pine and deputy photo editor Dietmar Liz-Lepiorz, we wanted to get away from the media hot zones in New York City and Los Angeles and hear from people from around the country. News director Howard Chua-Eoan dispatched a dozen reporters to talk to autoworkers and salesmen, teachers and hairstylists...
...applaud the tireless efforts to save endangered species and vanishing habitats, which you address in your cover story, but we need to begin to deal with the root problem: the exploding population of human beings [April 13]. How about a sterilization credit, like a carbon credit, to encourage people not to reproduce? We need to export and help finance information about all forms of birth control in all parts of the world, including the U.S. We have no trouble making decisions to limit the numbers of other species we deem overabundant, so why not our own? Ann B. Anderson, ATLANTA...