Word: joblessness
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...gold ballroom of London's Claridge's Hotel, Yugoslavia's jobless ex-King Peter, out for some quick sales, autographed copies of his new autobiography, A King's Heritage, for anybody with the price of the book. "When I wrote my memoirs for the American market," he confided to loiterers, "my publishers told me to get in as many names as possible, because it would sell better." Then, after sending fancy editions of Heritage to Britain's Queen Elizabeth II, Queen Mother Elizabeth and Sir Anthony Eden, he went off to No. 10 Downing Street...
...construction industry also broke a record. The U.S. Commerce and Labor Departments reported that spending in January for private construction topped $2 billion, up 20% from 1954 levels. Although unemployment took its usual January climb (mostly because retailers laid off temporary Christmas help), the new jobless (500,000) were 35% below last year's January layoffs. The new Labor-Commerce unemployment index (100 equals 1947-49 average) showed that unemployment has dropped steadily from 140 last summer to 114 in January...
...star General of the Army Douglas MacArthur, 75 this week, the six-star honorary title of "General of the Armies of the United States." Only American so honored previously: John J. ("Black Jack") Pershing, commander of the American Expeditionary Forces in World War I* With nothing to lose, throneless, jobless ex-King Peter of Yugoslavia told some London newsmen that his ex-realm's Marshal Tito will be tossed out of power by 1975 (when Tito will be an oustable 84). Said Peter, who is planning to make a U.S. lecture tour this fall: "He is having quite...
...other Italian family mottoes handed down from the age of feuding dynasties. Soldier Graziani was 32 years old and a loud-voiced, hulking 6 ft. 4 in. when World War I broke out. But though twice wounded and twice decorated, he found himself among Italy's millions of jobless at war's end. When the government called for volunteers to "pacify" Libya, Graziani rejoined the army. A year later Benito Mussolini, the new Fascist leader, took over, and Graziani was on his way to becoming a hero again...
...Tools at Work. As the jobless totals rose, other fiscal tools were brought into action. Not only did $2 billion in unemployment-insurance payments help fill the gap in wages, but there was a step-up of $700 million in Social Security payments. The Federal Reserve Board eased credit by cutting bank-reserve requirements and the discount rate at which banks borrow from the Federal Reserve. The Administration also wisely abandoned, at least temporarily, its determination to balance the budget, prepared to accept a $4.7 billion deficit in the current fiscal year. With its new housing law, which cut down...