Word: heartlands
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...financial markets may be signaling a rebound ahead, but few signs of it can be found in the industrial heartland. Despite the break in interest rates, company profits for the third quarter were down by about 21% on average from the same period a year ago. Many recession-battered firms in such bedrock industries as mining, steel and autos suffered stunning losses. Aluminum Co. of America ran a $14 million deficit, Bethlehem Steel Corp. lost $209 million, and Ford Motor Co. $325 million...
Unlike the Federal Government, all states except Vermont are required by their constitutions to balance their budgets. Nowhere has this been more difficult during the current recession than in the hard-hit industrial heartland. With the nation's highest unemployment rate (15.9%), Michigan barely made it through the past two years by laying off 8,000 state workers, wringing $20 million in pay concessions from its remaining 60,000 employees, slashing spending in every area, and raising income and cigarette taxes. Michigan is only one month into an austere fiscal 1983 budget of $4.6 billion, and already it looks...
National policies rarely determine the outcome of many individual mid-term elections. But unemployment has now become a 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...
Ever since he first went to Congress 26 years ago, Republican Congressman Robert Michel has played well in Peoria, the largest town in his 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...
Fairness: This is the big 'one and the one your fans in the heartland are looking for. But there's much more to it than shelving the riding breeches and slamming the door on the California Kitchen Cabinet for a few weeks. The nation identifies with a fella who un tucks his shirt and enjoys a Budweiser--your everyday Average Joe. We will have your name changed...