Word: slashings
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...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...
None of the matches were even remotely close. After beating Hunter College, 15-1, and downing the Air Force Academy, 16-0, Harvard continued their slash-and-burn fencing to easily defeat Princeton...
Sunnily dubbed the "summer plan," the economic controls announced by the government of President Jose Sarney last week received a decidedly chilly reception. Designed to slash the country's 1,580% inflation rate and to attack the $66 billion national debt, the plan will freeze prices, abolish automatic wage hikes and devalue the Brazilian cruzado by 16.4% in relation to the dollar. The government will close six out of 27 ministries, and promises to fire 60,000 employees. Brazil is temporarily suspending any further debt-for- equity swaps with foreign banks and refuses to rule out a new moratorium...
...including Cabinet officers, federal judges and the 535 members of the House and Senate. The whole pay package -- including a 51% raise, to an annual $135,000, for members of Congress -- will cost $300 million in its first year. Even as the Bush Administration begins its uphill struggle to slash the deficit, the new pay raises will go into effect without serious congressional scrutiny or a meaningful vote...
...West's fighters and assault aircraft are considered better at providing support for ground troops. The Soviet pullback of roughly 10% of the Warsaw Pact's European-theater aircraft, while not large, would signal a shift toward a defensive stance. The cut in artillery would be a hefty 20% slash in existing Warsaw Pact firepower along the central front. But the total cut is less significant; the Soviet bloc could still field some 34,900 artillery pieces, mortars and rocket launchers against NATO...