Word: frugales
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Until recently, most people had two choices: they could put their money into regular savings accounts, where its value eroded at a frightening rate, or they could spend it. Most chose to spend it. The result: frugal Americans have become spendthrifts. The savings rate dropped from 8% in 1970 to the present 4.7%. By contrast, the West Germans put away 13.5% of their earnings, and the Japanese save 19.5% of theirs. Among major nations, only the Swedes save less than Americans...
...Neill well knew, his plea was much too late: the roll call, when it finally came, contained no suspense. The Senate is expected to pass a similar Reagan budget this week with even greater ease. Responding to the new frugal mood, the Senate last week reversed an earlier vote and approved a $7.9 billion reduction in cost of living increases for retired federal employees and Social Security recipients in fiscal 1982. After the two budgets have been passed, minor differences between the resolutions will have to be resolved in a conference committee. And then, unless the whole budget process later...
...ideological compass had begun to spin too wildly for an incorrigible New Dealer like O'Neill. Once Ronald Reagan hit town, the Speaker's troubles got a lot worse. Conservative Democrats viewed O'Neill as a big spender who was out of step with the new frugal mood. Liberals sniped openly that he had no heart left for the fight against the President...
When Sir Freddie Laker inaugurated his no-frills, low-fare transatlantic flights in 1977, Europe's flagship airlines viewed the enterprising Englishman with a mixture of disdain-and apprehension. Now that Laker has proved the profitability of catering to frugal flyers, some of the once haughty carriers are imitating his stripped-down style. Beginning this week, British Airways and Air France will eliminate first-class seats from all their nights within Europe. The two airlines will offer first-class service only on intercontinental trips. KLM Airlines has already eliminated the first-class section on flights between Amsterdam and London...
...home in tiny West Paris for eight hours a day last summer, then put in a six-hour shift at a local restaurant. All that work was to help in what he calls his greatest achievement: being the first member of his family to go to college. Industrious and frugal, Andrews was impressed by Reagan's attack on federal profligacy and voted for him last fall. Now, however, Reagan has threatened Andrews' dream by proposing to slash $800 million from the student loan and aid programs that are his lifeline as a freshman at Bates, a small (enrollment...