Word: joblessness
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Recovery has been delayed, said Heller, because "the consumer is still shell-shocked by unemployment." And with good reason. The jobless rate has hit 10.8%, leaving nearly 12 million Americans out of work. Heller cited statistics indicating that about 20% of all households are directly affected by unemployment and that another 40% feel threatened by mounting layoffs. The TIME board predicted that the jobless rate will reach 11.3% in 1983's first quarter before beginning to drop slowly. Even by the end of 1983, unemployment will still be hovering around 10%. "The unemployment problem is not going away quickly...
...pull a figure out of the air. Those who talk about it are playing with numbers to build up a justification for unemployment." Says Barry Bosworth, an economist who was director of the Council on Wage and Price Stability under President Carter: "We have an enormous number of jobless people who are fully employable. They were employed just a year or two ago. But now, in the midst of a recession, all the talk is about structural unemployment. The immediate problem is that there are not enough total jobs...
Neither Reagan's "user's fee" nor O'Neill's foredoomed big-spending plan is likely to do much, however, to reduce the current 10.4% jobless rate. Congressional rumblings to "do something" about unemployment will surely grow, very possibly to a roar, when the more Democratic 98th Congress convenes in January. Last week's moves on the issue may mean that the White House has seen the political future and begun to make its plans accordingly...
...cruelest irony of the unemployment tax suggestion is that the Administration, for whatever reason, chose to unveil it on Thanksgiving. The nation's poor have once again been left wondering what in Reaganomics they have to give thanks for--and whether the President's Christmas gift to he jobless rolls he has created will be another nasty surprise...
Union Local resident Judith Rull said jobless people and their families are already being registered. She siad volunteers are pounding up equipment to begin making and serving "caserole-type" meals every Wednesday night...