1 tighten one's belt; use resources carefully
2 make a reduction, as in one's workforce; "The company had to retrench"
Retrenchment means the reduction of expenditures in order to become financially stable (e.g., by cutting jobs).
Retrenchment of the state, accompanied by lowering taxes, is frequently advocated by capitalist, neo-liberal, and libertarian groups.
ReferencesPaul Pierson, Dismantling the welfare state? Reagan, Thatcher, and the politics of retrenchment, Cambridge University Press, 1994, ISBN-13: 978-0521555708, ISBN-10: 0521555701.
abate, abbreviate, abrade, abridge, abstract, arrest, bate, bob, boil down, bridle, capsulize, check, clip, compress, condense, constrain, contain, contract, control, cool, cool off, crop, curb, curtail, curtail expenses, cut, cut back, cut corners, cut down, cut off short, cut short, damp, dampen, decelerate, decrease, deduct, deflate, depreciate, depress, derogate, detract, diminish, disparage, dock, dompt, downgrade, drain, eat away, elide, enjoin, epitomize, erode, extract, file away, foreshorten, govern, guard, hinder, hold, hold at bay, hold back, hold fast, hold in, hold in check, hold in leash, hold up, impair, inhibit, keep, keep back, keep from, keep in, keep in check, keep under control, lay under restraint, leach, lessen, lower, mow, nip, pare, pare down expenses, poll, pollard, prohibit, prune, pull, pull in, purify, reap, recap, recapitulate, reduce, refine, rein, rein in, remove, restrain, retard, roll back, rub away, scale down, set back, shave, shear, shorten, simplify, slash, slow down, snub, step down, straiten, stunt, subduct, subtract, sum up, summarize, synopsize, take a reef, take away, take from, take in, telescope, thin, thin out, trim, truncate, tune down, wear away, weed, withdraw, withhold