Reductions in spending, services, or personnel, often made to save money during difficult financial times.
Cutback combines 'cut' and 'back,' a compound word that emerged in the early 1900s to describe the deliberate reduction of something. It became common business terminology by the 1950s.
During recessions, governments and companies announce 'cutbacks'—but studies show that the organizations that invest *more* during downturns often come out ahead when the economy recovers!
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