Word: cutbacks
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...stress on practical results and step-by-step development." With these words, spoken before the standing committee of China's National People's Congress Feb. 28, Vice Premier Yao Yilin described a watershed decision by the country's economic planners. Specifically, Yao announced a drastic 13% cutback of the 1981 budget; capital construction, the hardest-hit sector, would be chopped almost in half. Peking, it appeared, was scrapping much of the philosophy behind the ambitious Four Modernizations* development campaign launched with great fanfare three years...
Unfortunately, cutting costs creates a catch-22 squeeze. Even before Reagan proposed a cutback in the program, Denver had reduced its administrative staff from 173 workers to 83. This made it all the harder to catch cheaters and carefully to determine eligibility. Says Program Assistant Rosemary Engard: "We are stretched so thin that more errors are bound to occur. The paperwork has become horrendous...
...earlier than usual start in September lengthened the fall semester and caused the one-week cutback of spring term classes. Margaret E. Law, registrar of the Faculty of Arts and Sciences, said yesterday that students would have had to return for reading period before New Year's Day for the fall term to have remained at its normal 12 weeks...
...continue working for Aramco, but only in technical and managerial roles. The kingdom's Oil Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign Secretary Lord Carrington that Saudi Arabia would soon reduce oil production. Although Yamani did not specify the amount of the cutback, he has previously indicated it might be from the current 9.5 million bbl. per day to 8.5 million bbl. per day. For about a year, the Saudis have kept their petroleum output high in an attempt to hold down world energy prices. So far, their efforts have been successful; world...
...Aggravating the earlier plunge was a buying spree by businesses during the boom just prior to the recession. When the economy started to grow stagnant, firms were suddenly forced to cut back inventories, thus causing the economic avalanche. The present slide has been triggered almost exclusively by a cutback in consumer spending. Sometime in late winter Americans simply closed their wallets and snapped shut their purses. Sales of everything from autos and home appliances to airline tickets have dropped sharply...