Word: pared
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Dates: during 1980-1989
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...economists were disappointed, and even a little shocked, by the President's "no retreat" budget message. They particularly questioned his refusal to recommend significant tax increases or to pare, even slightly, spending for Social Security and defense, the two largest budget programs. Taken at face value, Reagan's deficit projections are alarming enough: $91.5 billion in 1983, narrowing to $71.9 billion by 1985. Those figures assume, however, that economic growth will rebound vigorously this summer and that Congress in an election year will make further cutbacks in social programs like food stamps. Both assumptions, TIME's economists...
Bulging inventories frighten economists because the stockpiles have the unavoidable effect of creating a vicious circle of economic decline. As unsold goods build up, businessmen are forced to pare back production and lay off workers, and this in turn drives up unemployment, which currently stands at 8.4% of the labor force. As jobless lines lengthen, consumer spending shrinks, and this in turn causes inventories of unsold goods to grow even more. Said Alan Greenspan of the Townsend-Greenspan economic consulting firm: "Involuntary inventory accumulation by business will be an absolutely critical piece of evidence in gauging the severity...
...dairy lobby, which, according to Common Cause, a consumer lobby, dispensed more than $1 million in contributions in the past two elections to the Congressmen who voted its way, outmaneuvered Administration supporters in the House. Vermont Republican James Jeffords countered a bipartisan proposal to pare dairy supports to the Senate levels by offering an amendment that would increase subsidies by $2.5 billion over four years. As battle lines were being drawn, Iowa Democrat Berkley Bedell introduced a "compromise" proposal, backed by the dairy industry, that would raise supports by only $400 million over the Senate version. His plan...
...past five years to keep up with ballooning health-care costs. The food-stamp program swelled from 16 million recipients in 1978 to 21.1 million in 1980, after Congress struck down the rule that people must purchase their stamps. Some officials view the cuts as a chance to pare administrative costs as well as marginally effective programs. Says Democratic State Representative Francine Panehal of Ohio: "It's a golden opportunity to get rid of programs that were worthless and prop up those that really work...
Food Stamps. With this program's 1982 budget of $12.9 billion snipped by $1.6 billion, some 1 million out of 22.5 million recipients will lose their stamps. Most states will make no attempt to cover the shortfall from local funds. Michigan officials, for example, expect to pare 16,000 from its food-stamp line of 396,000 households, while New York City may shave 68,000 from its roll of 1.1 million...