Word: retrenchment
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Dates: during 1940-1949
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...emergency exists, then, in every college, and every college must retrench and scrimp and economize as best it can. The policy at Harvard, as outlined by University officials, is perhaps distinctive because of its far-sighted determination "not to sacrifice long-term gains to solve a temporary crisis." The easiest method of slashing the budget, and one which may be adopted widely, is to reduce salaries. After all, it does seem a plausible argument that teachers should participate in the sacrifices which are everywhere being made for defense. But such a way out would reverse a trend which...
...first to retrench was Walt Disney. He has moved his entire staff to a new studio at Burbank, dropping some 400 people, about a quarter of his payroll, on the way. During the past fortnight Paramount carved off about 50 of its excess employes, while 20th Century-Fox was reported to have fired from 100 to 200 persons. Bullock's-Wilshire shop did not sell an expensive fur coat in ten days and Giro's night club was a morbid expanse of bare white table tops on Thursday, usually the busiest night...