Word: retrenchments
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...bankruptcies in 1980, in contrast with 7,757 in 1979. Small business is suffering especially hard. Last year, for example, 1,600 auto dealers had to close up shop because they were squeezed between high interest rates and low sales. Many people starting new companies are being forced to retrench. Don Middleberg, who is chairman of his own New York advertising and public relations firm, put off the purchase of a badly needed $16,000 word processor last month after his bank had jumped the lending rate from 12% to 22% in just eight weeks. Said he: "High interest rates...
Accordingly, he says, we should not expand our forces, but retrench them. Ravenal would accomplish this by moving from the United States' present "triad" of nuclear forces to a "dyad." The U.S. should keep its bombers and submarines, he insists, but remove all its land-based missiles (veritable "sitting ducks," as he calls them) as they become more vulnerable to attack...
...including Eastern, are bitterly opposed. Eastern's Borman believes opening up airline service to all comers would mean "wasteful capacity wars" that would benefit the largest, strongest carriers-like United-which could expand into new routes now denied them. The smaller carriers, says Borman, would be forced to "retrench severely." Whatever the implications of the sky wars for the airlines' finances, as long as the great deregulation battle goes on, travelers can expect more fallout in the form of bargain fares...
...intervening years, with the shrinkage of the dollars in my pockets, I've been forced to retrench on even these essential commodities. I've learned to be content with the monthly or so addition to my stereo collection, and the last airplane I took was a year ago Thanksgiving. I've cut back on books. My once voluntary, compulsive identification with the world's needy has become compulsory. My asceticism is now nothing more romantic than a mundane tightening of the belt...
This time, though, the situation appeared to be different. Like many other school systems, Chicago is running a deficit-about $74 million-and the school board declared that it could give the teachers no more. In fact, the board had tried to retrench. Last year it cut a scheduled pay increase from 8% to 5.5%, and this year it planned to lay off all employees for 17 days, eliminate 1,200 teaching jobs and reduce classroom supplies. In the face of public opposition, the board abandoned those plans. Then negotiations began on a new contract. By normal standards, the teachers...