belt-tightening

There was the 1997 Asian financial crisis, a period of such belt-tightening that South Koreans were ordered to donate their gold to the government and had no disposable income to spend on rides or concessions.

Davenport said the settlements, which will need to be accounted for in the next budget cycle, would require a “more significant belt-tightening” than when county revenue was diminished by the pandemic.

For some it’s a result of belt-tightening, as even the biggest firms have been laying off thousands of workers, but for others it also signals a broader cultural shift away from prioritising diversity.

Amid a difficult stretch for L.A.’s restaurant industry, even the choice of which pizza box to use is something belt-tightening proprietors consider.

Other causes are more systemic, such as the tech industry’s belt-tightening after a few years of what is now seen as profligate hiring.