Word of the Day — January 10, 2013

Retrenchment — ree-TRENCH-ment — the practice of a firm, government or individual to reduce costs or spending during a time of economic difficulty

Example: "Adam Nagourney wrote in the N.Y. Times, 'After nearly five years of brutal economic decline, government retrenchment and a widespread loss of confidence in its future, California is showing the first signs of a rebound.'"