Word: slashes
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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...
Capitol Hill Democrats quickly estimated that the Bush budget calls for $20 billion in spending reductions but identifies just $10 billion in specific cuts -- such as the slash envisioned for federal workers' cost of living increases. The remaining $10 billion in reductions disappear into what Senate Budget Committee chairman James Sasser called the "black box" of the budget. Asked about this timorous lack of specific recommendations, a senior White House aide said with a chuckle, "We're too smart for that. There's no law that says you have to define cuts and throw out red flags...
Only one specific proposal in the Bush speech inspired a fusillade of partisan attacks: the President's efforts to redeem his campaign pledge to slash the tax rate on capital gains from 33% to 15%. Like Dukakis in last year's campaign, congressional Democrats lambaste the idea as an affront to fairness. "I'm not going to tell the wage earners in Chicago that they should pay a higher tax rate than stockbrokers," thunders House Ways and Means Committee Chairman Dan Rostenkowski. There is evidence to support this equity argument: currently, 70% of all capital gains are claimed by taxpayers...
...avoid annihilation, Big Steel had to slash its costs. "Our labor alone put us out of the ball game," says USX Chairman David Roderick. In 1980 the U.S. industry's workers made $17.46 an hour, vs. $9.63 for their Japanese counterparts. Big Steel embarked on a wholesale payroll-cutting campaign in which 60% of the industry's 428,000 workers lost their jobs. Those who remained gave generous pay concessions. Last year U.S. steelworkers earned $22.63 an hour -- equal to $15.48 in 1980 dollars -- vs. $18.52 in Japan...
...only sin was that of trying to give the Nicaraguan people all that they deserve, at the same time we were fighting a war against U.S. aggression." With those words of justification for Nicaragua's shattered economy, President Daniel Ortega last week imposed a drastic austerity program that will slash the national budget by almost half and lay off nearly 35,000 public employees, including 10,000 army personnel and 13,000 members of the security police. The measures are aimed at stimulating production, almost at a standstill, and exports, which have been cut nearly in half...