Word: slump
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Dates: during 1970-1979
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...downturn with major reports on the Administration's economic summits, President Ford's policies, and the angry militancy of miners and other organized workers. This week, as Americans hunker down into a recession Christmas, TIME'S cover story examines the likely depth and duration of the slump and its effects on people's lives. To gauge the human impact of stagflation, correspondents around the country interviewed auto mechanics and amusement park owners, Wall Street lawyers and welfare clients, accountants and one Nevada bordello madam. In New York, the story was written by Associate Editor Timothy...
Henry Ford II last week called the auto industry's slump a "depression" and warned that Washington had better take quick action to help the unemployed...
...President Ford scheduled a press conference early this week at which he is expected to admit that the slump has worsened more rapidly than he foresaw when he submitted his 31 -point economic-policy package to Congress in October. He is likely to express special concern about the plight of the auto industry and to announce that he has asked his economic advisers for new ideas on how to fight recession-without giving up the battle against inflation, which the President still views as "Public Enemy No. 1" and, indeed, as the primary cause of recession...
...York City agonizes over its 7.4% unemployment, Seattle is content with its 6.9% because 15% of its aircraft-centered labor force was out of work in the 1969-70 recession. Chicago and Cleveland, both diversified with several still healthy industries, including steel and heavy machinery, are skating by the slump with less than 5% joblessness-though even in Chicago, unemployment-compensation offices have been jammed lately...
With auto sales in their worst slump since 1958, it hardly seemed appropriate for anyone - let alone an auto executive - to favor proposals that would make driving more expensive. Yet that is what Ford Motor Co. Chairman Henry Ford II is doing. He wants a 100-per-gal. hike in federal gasoline taxes, with the resulting $11 billion raised annually going to assist the poor and unemployed...