Marissa Meyer at the official Google blog:
So, today we're making a homepage change by adding a link to our privacy overview and policies. [...]
Larry and Sergey told me we could only add this to the homepage if we took a word away - keeping the "weight" of the homepage unchanged at 28. [...]
We think the easy access to our privacy information without any added homepage heft is a clear win for our users and an enhancement to your experience.
Bravo Google! But you missed something: you also added a hyphen! The hyphen weight is now a rather beefy three. My gosh, that's quite a lot of hyphens. I think you ought to go crunch the numbers again. Stay focused, people!