Do you cut back cat's pajamas?

Excuse me, but could you please clarify what you mean by "cut back cat's pajamas"? It's not a commonly used phrase in English, so I'm a bit confused. Are you referring to a specific financial strategy, a type of investment, or perhaps a colloquial expression that I'm not familiar with? If you could provide some more context or explain what you're referring to, I'd be happy to help answer your question to the best of my ability.