The downturn in the economy?
…..The downturn in the economy last year has prompted many companies to make widely publicized layoffs, resulting in thousands of lost jobs. Economists predicted that these layoffs would cause people generally to cut back on their discretionary spending even if their jobs were secure, in anticipation of coming hard times. However, this prediction has not come to pass, since there has been no increase in the amount of money set aside by the general public in savings accounts.
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whats the meaning of to make widely publicized ??
whats the meaning of cut back on their discretionary spending ?
has not come to pass what it means ?
This paragraph is heavily confusing to me 
someone please simplify the overall meaning …..especially the last line is too complex to understand.
what they are trying to say ?
To make widely publicized means to make sure the people know. To advertise, or to put out in the news, a lot.
Discretionary spending is buying things that you don’t need so much as want. so to cut back on discretionary spending means that one does without that new car for another year, makes that refrigerator last another year, or doesn’t move up to a bigger house just yet. Not spending as much on gifts, not spoiling the kids so much (especially this time of year) and not giving as much to charity. People tend to hoard their cash when they think it’ll be needed in the future to eat and clothe themselves.
Has not come to pass, in this case, means that a prediction was made that the economy would sag, get worse, but then it didn’t, because people did continue to spend, even though they couldn’t really afford to.
The last line means people aren’t saving, but spending.
Did this clear things up a bit?
Widely publicized – put in newspapers and on the radio and TV and probably in some magazines also.
Discretionary spending is about money left over after paying the necessary things. TV cable, internet, and entertainment are things you would spend discretionary income on. If you cut back on discretionary spending, you would probably be putting more money in the bank.
Has not come to pass – has not happened. What was predicted did not happen.