Word: joblessness
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...reduction. Pentagon spending would fall a total of $67 billion during the first three years, not counting the cost of the Persian Gulf operation. Farm supports would shrink by $13 billion, civil service pensions by $8 billion, guaranteed student loans by $2 billion, assistance to veterans by $2.7 billion. Jobless workers would have to wait two weeks before receiving unemployment compensation...
...evidence of the worsening pain last week, reporting that the unemployment rate climbed to 5.7% in September, up from 5.6% in August, for the third increase in a row. Not since the 1981-82 recession had unemployment risen for three straight months. In several Midwestern and Southern states, the jobless rate has already topped 7%. Since July, the U.S. has lost nearly 500,000 jobs...
...fourth quarter, Meyer says, the GNP would decline a painful 3.6% during the period. If oil levels off at $32 per bbl. next year, he predicts that unemployment would climb to 7.4% by the end of 1991 and add some 2 million people to the jobless rolls...
...even tiresome, it is more acute than ever: Administration estimates for this year have grown from $100 billion to $161 billion, largely because the economy is growing less quickly than anticipated. Last week the Labor Department reported that civilian unemployment rose in June from 5.2% to 5.5%, the highest jobless level in almost two years. If, as many expect, the economy plunges into a full recession, the deficit could become even larger...
...they do across the nation, economic class divisions further complicate racial rifts, with wealth filling the gaps and poverty widening them. The average black family in Greensboro makes about two-thirds of what a typical white family brings in, and, while the city's jobless rate is only 3.4%, the unemployment rate for blacks is about three times as high as it is for whites. "It's still a legacy of race, but it's written about more in terms of class," says Robert Davis, a sociology professor at North Carolina Agricultural and Technical State University...