Our friends at Word Detective say "...Although we might assume that �slacker� invokes a relatively modern sense of �slack,� the original meaning of �slack� as an adjective in English was, in fact, �lacking in energy or diligence; inclined to be lazy or idle.� �Slack� is based on the Proto-Germanic root word �sleg,� meaning �careless� or �lazy.� �Slack� first appeared in Old English (as �slaec�), meaning �careless in personal conduct,� and that meaning has persisted steadily to this day, when �slacker� is used as a noun synonymous with the old-fashioned �lazybones.�
It wasn�t until the 14th century that �slack� as an adjective took on the meaning of meaning literally �not tight or snug,� and loose trousers weren�t called �slacks� until the early 19th century. �Slack� as a noun meaning �the part which hangs loose, especially of a rope, etc.� (e.g., �Take up the slack in that cord so someone doesn�t trip�) didn�t come into use until the 18th century. But �slack� as a verb meaning �to be remiss; to waste time� dates all the way back to the 16th century