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...year. Instead, the rate dipped to 7% in July, but then began climbing again as the economy started to buckle, partly because of high interest rates. The exorbitant cost of borrowing especially plagued the automobile and construction industries, which in turn affected their suppliers, such as steel, rubber and timber firms. With orders down, layoffs of workers spread...

Author: /time Magazine | Title: Unemployment On The Rise | 2/8/1982 | See Source »

...current recession, rather than the hoped for increases in productivity and growth. Yes, interest rates are somewhat lower, but they remain at investment-strangling levels and could easily thwart the midyear recovery that economists have predicted. And looming over the program of the man who for years rode the rubber chicken circuit decrying unbalanced budgets are projected record deficits-the total for the next three years exceeds a shocking $300 billion...

Author: /time Magazine | Title: An Unhappy Anniversary | 2/1/1982 | See Source »

...business came to a complete halt," Ruth McKenney* reported in the typical industrial center of Akron, Ohio. "The rubber shops closed. Streetcars ran on half schedules. Coal companies shut. Thousands and thousands of men, still employed despite the Depression, were sent home from work 'temporarily laid off.' Money nearly disappeared from circulation. Payrolls were not met. Checks were not honored...

Author: /time Magazine | Title: F.D.R.'s Disputed Legacy | 2/1/1982 | See Source »

...past two years have accepted benefit cuts and deferred pay increases amounting to $1.1 billion. Employees of Braniff Airways last March took a 10% pay cut, and pilots have agreed to fly ten extra hours a month, five of them without pay. Nine union locals at Uniroyal rubber plants have accepted a new contract that calls for sacrifices of $54.9 million over three years. The United Food and Commercial Workers Union that represents meat packers has agreed to defer some cost of living benefits in exchange for safeguards against plant closings. Says Union Official Walter Davis: "We and everybody else...

Author: /time Magazine | Title: Labor's Tough New World | 2/1/1982 | See Source »

...Rubber Stamp...

Author: NO WRITER ATTRIBUTED | Title: Lack of Players Plagues JV Hoopsters; Squad Stumbles to Dismal 3-6 Record | 1/27/1982 | See Source »

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