Word: reform
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Dates: during 1980-1989
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Corporate executives argue that FASB is trying to reform the system too rapidly. The accounting change could slash earnings at some firms by half and put others into the red. As corporations are forced to account for their retirement obligations, many are expected to cut such benefits for their present workers. Corporations will have until 1992 to submit their arguments against the plan or plead for a delay...
That Darman takes such pride in a pact unfamiliar to nearly all ordinary mortals -- rather than megadeals like the 1983 Social Security rescue or the 1986 tax-reform act -- shows still another of his several facets. He is a relentless future freak. In a town obsessed with the crisis du jour, he frequently peers at the far horizon and tosses off jeremiads about his sightings. Lately he has been preaching against the rampant impulse for instant gratification. Americans "need to reinstill in ourselves a sense of the importance of the future," he argues. No one argues back in principle...
There the atmosphere was more relaxed, and Darman could concentrate on big- ticket successes, such as the tax-reform act and currency-exchange rates. By then Darman had survived some of his conservative antagonists and made peace with others. Twenty-one months ago, he took a respite by going into investment banking. But a Republican victory in 1988, he knew, would be an opportunity for a new assignment. He wanted his own command this time, free of senior patrons, such as Richardson and Baker. Though he lacked a strong relationship with Bush, he was soon an economic adviser. Darman...
...study recommends few solutions that are not already part of the education-reform movement: more homework, higher performance standards, more parental involvement and more work in core subjects. But the report also suggests that tests and curriculum be recast to make students analyze what they know rather than just repeat facts and rules. Without such changes, it says, U.S. graduates may soon be unable to compete with those from other countries for the world economy's increasingly complex jobs. "Recent improvements represent a significant national accomplishment," says Gregory Anrig, president of the Educational Testing Service, which administered the study...
...immigration policy that is on the verge of being swamped by a virtual tidal wave of new arrivals. "We stand on the precipice of an enormous immigration crisis," says Wyoming Republican Senator Alan Simpson, who, with Democratic Congressman Romano Mazzoli of Kentucky, wrote the 1986 Immigration Reform and Control Act. It is a crisis with which the U.S., despite its cherished history as a nation of immigrants, is not prepared to cope. "We have no population policy," complains a State Department official. "No total concept on which to build...