Word: cuttingly
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Dates: during 1970-1979
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Typically, the first question is what necessities are really necessary. Even in a pinch, most Americans are reluctant to cut expenditures for such practical aspects of their lives as tuition, rent, utility bills and essential or even vacation travel. In consequence, they start out by trimming what economists call discretionary spending: buying things that are fun, frills or otherwise not absolutely essential to daily life and work...
...Such cutting seems to become more imperative each month. The Government reported last week that consumer prices rose 1% in July, which is an annual rate of 13.1%, and thus extended the present stretch of double-digit inflation to a full seven months. At the same time, the spending power of Americans has continued to decline. Mostly because of inflation, but also because taxes have been creeping upward, the actual buying power that people have been getting from the money in their paychecks has declined by nearly 4% over the past twelve months. So more and more, almost...
...current slowdown continues, the danger will be that consumers will not just cut discretionary spending but also begin to forgo other purchases that would have a broad effect on the economy. Even now, studies show that consumer "confidence" is near its lowest level in 30 years. Because spending by individuals on all sorts of goods and services accounts for fully two-thirds of the nation's gross national product-far more than spending by Government and business combined-a sharp retrenchment in purchases of autos, houses and other big-ticket items would surely deepen the shallow recession that many...
Team tennis is dead, and the networks have sharply cut their coverage of matches. Philip Morris no longer has its Virginia Slims circuit, once the keystone of the women's tour. Fully one-third of last year's corporate sponsors for the U.S. Open, which is held every September in New York City, have failed to renew their pledges. Most telling of all, sales of racquets, which peaked at $184 million in 1976, skidded to $137 million last year and are expected to fall another 30% this year. Wilson Sporting Goods, the PepsiCo subsidiary that introduced the first...
They also seem to say Texas, home of the country's best bootmakers. At 85, Enid Justin, owner of the Nocona Boot Co., remains the feisty matriarch of the Lone-Star State bootmaking community. Back in 1925, when she founded her business, she cut and stitched the boots herself and peddled them all over Texas from her Model A Ford. Today her workers produce 1,500 pairs a day, though it still takes some 200 separate steps to make a single boot. Another oldtimer is T.C. ("Buck") Steiner, 79, a former rodeo star and owner of the Austin-based...