Word: joblessness
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Dates: during 1980-1989
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...billion in development and welfare funds to help finance the prolonged war with Iraq. Oil exports have leveled off at 900,000 bbl. per day, providing $966 million a month in revenues, compared with $1.74 billion in 1978. In a nation of 39.8 million, 4 million are now jobless, and as many as 2 million are homeless because of the war. Some observers believe that much of private industry will come to a standstill by spring because of a lack of raw materials and spare parts...
Oddly enough, liberal columnists are the ones who dwell most on Reagan's likability, as if still in need of an explanation as to how he stole away their constituency. As Mary McGrory put it, "Everyone knows the phenomenon: the newly jobless auto worker who still wants to 'give Reagan a chance'; the bus driver who is hit by the cutback in school lunch programs but who admires Reagan's stance against the Communists." Furthermore, she laments, "during his long march to the White House, Reagan, the hip-shooter, was often called to account...
...fact that the rate stands for an indigestibly large number of individuals- 9.5 million. Each point in the unemployment rate also represents, as the President explained last month, roughly $19 billion in potential but lost federal revenues, plus some $6 billion in financial assistance that the Government disburse jobless. Such statistical and elaborations usefully suggest the vast scope of unemployment and its staggering cost in both forfeited wealth and rescue efforts. Yet it is essential to remember that statistics tell nothing whatever about the reality of joblessness...
...economists because the stockpiles have the unavoidable effect of creating a vicious circle of economic decline. As unsold goods build up, businessmen are forced to pare back production and lay off workers, and this in turn drives up unemployment, which currently stands at 8.4% of the labor force. As jobless lines lengthen, consumer spending shrinks, and this in turn causes inventories of unsold goods to grow even more. Said Alan Greenspan of the Townsend-Greenspan economic consulting firm: "Involuntary inventory accumulation by business will be an absolutely critical piece of evidence in gauging the severity of the recession...
...unemployment picture next year looks grim. In most economic downturns, joblessness continues to grow even after the economy starts to recover, and TIME'S board sees the pattern being repeated once again in 1982. By year's end, the board expects unemployment to stand at 8.3% of the labor force after peaking at 9% during the second quarter of 1982. Such a jobless rate would match that of the 1973-75 slump as the worst in the postwar...