Word: frostbelt
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Dates: during 1980-1980
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Besides the basic social problem of unemployment, the payment of unemployment insurance threatens to empty the coffers of many Frostbelt states. Beginning in 1979, insolvent unemployment programs forced states to borrow funds from the Federal Unemployment Account to pay unemployment insurance benefits. As of July, 1979, twelve Frostbelt states showed loans outstanding totaling $4.9 billion; Pennsylvania alone owed $1.2 billion. In all the south and west, Arkansas, Montana, and the District of Columbia owed only $100.6 million...
...Frostbelt's aging manufacturing base has decayed and suffered from foreigh competition. Between 1970 and 1978, the Frostbelt altogether lost over 400,000 manufacturing jobs without much slack taken up by new jobs in the service sector. As the Joint Economic Committee once stated, "the northeast and midwest contain the oldest, least efficient manufacturing facilities, which are the first closed as production is reduced." Large, mobile corporations abandon these plants in favor of newer Sunbelt facilities, located where labor and energy is cheap, the quality of life slow and easy, and golf courses green year round. For every manufacturing...
...Frostbelt's dependence on the transportation industries makes it sensitive to economic downturns. In Detroit, unemployment pushes into the upper ten percentages as the Big Three lay off workers and register record level quarter losses. The Youngstown-Akron area of Ohio has lost tens of thousands of jobs with steel and Firestone tire plant closings and related business lost. In the same area and other states, outdated steel plants have shut down rather than modernize because the Big Three own enough steel rusting on four wheels in huge factory parking lots. As the old Detroit saying laments, "When the economy...
REAGAN'S SUPPLY-SIDE ECONOMICS would not automatically rekindle business in the Frostbelt. American automobile producers will struggle to survive alongside Japanese imports with or without tax incentives. In a sense, probusiness" incentives would amount to windfall benefits for firms currently expanding in the country's most desirable regions...
...point that minimum spending obligations necessitate deficit spending Defederalization would assure extreme neglect of social services where states lack the resources to address them. Whether because of the horrors of completely rotted industrial cities, or because of skyrocketing local corporate taxes, businesses would veritably fly out of Frostbelt regions...