Word: slashe
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...form last Saturday. Looking wan but energetic, the Defense Secretary showed his mastery of detail as he briefed reporters on the Administration's proposed 1994 defense budget of $263.4 billion, down $10 billion from the current year. The budget is the first installment in Clinton's proposal to slash a total of $124 billion from defense spending over the next five years...
Employers are also responding to factors closer to home. They are embracing such cutbacks not simply to slash up to 40% of payroll costs, though that might be inspiration enough. They are also freeing themselves from inconvenient labor and equal-employment requirements. Says Ronald Cohen, a senior partner of Cohen & Co., a regional accounting firm based in Cleveland, Ohio: "You don't need to worry about the incredible compliance problems and potential litigation if you fire someone." Using disposable workers also means that companies rarely have to train them. Moreover, getting rid of such workers is easy when they...
Shockra would have consumed $1,500 of a $1,950 grant to concert organizers. Social committee co-chairs David V. Bonfili '96 and Mark Connolly '96, who objected to the cost, tried to slash the total amount of the grant in an attempt to force the organizers to come up with the money themselves...
...there is mounting evidence that this slash-and-burn labor policy is backfiring. Studies now show that a number of companies that trimmed their work forces not only failed to see a rebound in earnings but found their ability to compete eroded even further. "What's happened shouldn't be called downsizing. It's dumbsizing," says Gerald Celente, director of the Trends Research Institute in Rhinebeck, New York. "All these firings are going to end up hurting our international competitiveness, not helping...
...cutting costs by firing workers, then they had to follow suit. Compaq Computer, for example, announced last October that it was laying off 1,000 workers. Yet two weeks later, the company admitted that profits would double in 1992. Firms like General Electric and Campbell Soup continued to slash personnel even though they both just had highly profitable years. "There is tremendous peer pressure to get rid of workers," says A. Gary Shilling, an economic consultant. "Everybody's doing it because they think they have...