Word: downturn
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...spring thaw in farming and construction. Pointing to the adverse weather, some Administration economists argued that the neither-white-nor-black unemployment figure really upheld the cautiously hopeful prediction broadcast by President Eisenhower last February. March, said the President, should see "the beginning of the end of the downturn...
This fact was very much in the President's mind as he fended off demands for reckless action to halt the downturn by any means, at any cost. Labor, business, state and local governments, all were calling for action from Washington, and doing very little on their own to help fight the recession. Symbolizing the panic pressures, A.F.L.-C.I.O. President George Meany, United Auto Workers President Walter Reuther and other top labor leaders handed the President a damn-the-deficits plan that included just about everything except an offer to join with management in a hold-down on wages...
...last week, and brought with it the most widespread depression talk in a decade. The sound and fury were touched off by publication of the unemployment totals for February, showing 5,173,000, or 6.7% of the labor force,* out of work, considerably more than in the 1953-54 downturn, but about the same as in the 1948-49 recession...
What labor has not learned is that just as businessmen must suffer from reduced business and lower profits, so labor must also bear some of the cost of a business downturn. Businessmen fear that the U.S. will not be on solid ground for an upturn until the wage spiral is broken, and productivity, which has not been rising as fast as wage rates, catches up. Said Industrialist and longtime Federal Reserve Chairman Marriner Eccles: "Organized labor has already jeopardized its interests by pricing many of its goods and services right out of the market...
...rocked the U.S. with an economic decline. Unanimously, the Democratic National Committee voted to view the decline henceforth as no recession, but a fullscale, vote-shaking depression. Harking back to an effective 1932 Democratic pitch, the committee accused the Eisenhower Administration of a "Hooverlike" approach to the business downturn. And when his turn came to make a speech, Harry Truman, in a self-styled "spasm," played on depression fears in every give'em-hell...