Word: joblessness
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...growing jobless rate comes at a crucial time for the nation, since the Reagan Administration's economic program of budget and tax cuts is only now beginning to take effect. As the President pointed out in his State of the Union message, a 1% jump in the unemployment rate raises the federal deficit by $25 billion because of lost taxes and additional unemployment benefits. For the first time in years, polls show that more Americans are worried about unemployment than inflation. The jobless rate, if it keeps climbing, could well become the primary focus of the political debate right...
...doubly troublesome that the ranks of the jobless are growing at a time when many of the cushions softening the pain of unemployment have been deflated. Reaganomics has whittled away at unemployment compensation and has tightened eligibility rules. At the height of the 1973-75 recession, for example, more than 75% of the 8.4 million jobless Americans received benefits; last December only 37% of those out of work got unemployment compensation. By eliminating 300,000 public service jobs provided by the Comprehensive Employment and Training Act (GETA), the Reagan Administration shut off a source of work that has been both...
Unemployment has historically been a good issue for Democrats, as inflation has been a good one for Republicans. Yet for all the White House worries about G.O.P. fortunes in the fall, it is not clear that Reagan will suffer much politically. Interviewing the jobless across the nation last week, TIME correspondents found relatively few who blamed the President for their plight. Rudy Barker, 62, was laid off in 1980 from his job at a lumber mill in Willamina, Ore., and he has not worked since then. "All this started before Reagan," he says. "It's been coming...
High unemployment is not unique to the U.S. It is afflicting other Western industrial democracies as well. (Although Communist bloc nations profess to have no unemployment whatsoever, the severe troubles afflicting their economies belie that ideological stance.) In Canada the jobless rate is 8.6%, up from 7.4% the year before. In the ten nations of the European community, the unemployment rate stands at a postwar high of 9%, leaving more than 10 million unemployed. In France the rate is 8.7% (up from 7.5% in December 1980), in Italy 9.1% (up from 8.3%). In West Germany the figure...
...Peoria, Ill., the Caterpillar Tractor Co. will lay off 1,700 workers this week, and those who are about to join the jobless are still disbelieving. "It's like being wounded in battle," says Jim O'Connor, president of United Auto Workers Local 794. "The initial shock is buried. Until a couple of months ago, people were walking around here with Reagan buttons on. Now I'm asking them if they liked inflation and a job better than no job. And they're saying, 'I'd rather have a job and raise hell about...