Word: caterpillars
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Dates: during 1980-1989
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...local issue as depressed communities and neighborhoods are increasingly shaken by the epidemic of layoffs and business failures. Nowhere is that concern more evident than in that symbol of heartland America, Peoria (pop. 124,000, unemployment rate 16.5%) where the Pabst brewery earlier this year locked its gates, the Caterpillar Tractor Co. plant has laid off 8,000 workers over the past two years, and House Minority Leader Robert Michel, who faithfully shepherded the Reaganomics revolution through Congress, is having a substantially more difficult race than he might have expected. "Jobs, jobs, jobs," says Democrat G. Douglas Stephens...
...18th Congressional District in central Illinois. Now Peoria seems to be having its doubts. Long a pocket of prosperity in America's heartland, the region is reeling from depressed farm prices and 16% unemployment. The Pabst brewery and the Hiram Walker distillery have left town, and giant Caterpillar Tractor alone has laid off 8,000 workers. So Michel, 59, the House minority leader and President Reagan's high-profile point man on Capitol Hill, is in an unexpectedly tight race with a relative unknown, Democrat G. Douglas Stephens. Michel has paraded through town on an elephant, courted Kiwanis...
Small wonder. Michel is widely blamed in his home town for failing to change Reagan's mind about U.S. sanctions against the Soviet gas pipeline. This Reagan decision cost Caterpillar an $85 million contract for pipelaying equipment and shifted future contracts to its leading rival, Japan's Komatsu. Michel later broke publicly with the President on this issue, but he has not otherwise sought to distance himself from the Administration. Says Michel: "Ronald Reagan is not a problem for me or for the country...
...STRANGE woman's bed and clutching at the loose ends of his emerging consciousness, Peter O'Toole looks gloriously dissipated. His long face, rough hewn by the careless chisel of time, barely resists the pull of gravity; even his mustache threatens to slide off his upper lip like a caterpillar from a branch...
Bankruptcies among farmers are creeping upward; the Farm Credit Administration liquidated 1,024 of the 650,000 loans during the first quarter of 1982, almost double the number in 1981. Manufacturers of farm machinery are directly affected: International Harvester expects to lose $1 billion this year, and Caterpillar Tractor Co. has laid off 17,500 of its 52,700 U.S. workers, including 8,000 in June alone. Other sufferers are the fertilizer companies, whose sales are off sharply for the first time in seven years...