Word: smokestack
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Dates: during 1980-1989
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...beginning to mount that the 18-month-old slump is at last starting to draw to a close, no sector of the economy can yet be sure of a sustained recovery; in the case of steel, the outlook is bleakest of all. More than almost any other part of Smokestack America, steelmaking finds itself struggling to survive not just the current downturn but a whole host of other, longer-lasting problems. These range from the lofty, uncompetitive wages of the unionized employees, to the antiquated state of many of the mills and fabricating plants, to the relentless pressure of foreign...
...desperate search for support and assistance, businessmen in such smokestack industries as automaking and steel turned to Washington, demanding curbs on imports of foreign-made goods to preserve American markets for American companies. Though the Reagan Administration remained publicly committed to free trade, as the year dragged on, protectionism began to creep slowly into the U.S.'s dealings with other nations on trade matters...
...even dry particles. On the standard chemical scale for measuring acidity or alkalinity, they are defined as having a pH level under 5.6 (a neutral solution has pH 7). Despite the use of tracking balloons and other sophisticated techniques, it is difficult to link acidity with a specific smokestack. But there is little doubt about the damaging effects of acid rain. Absorbed into the soil, it breaks down minerals containing calcium, potassium and aluminum, robbing plants of nutrients. Eventually the acid enters nearby bodies of water, often with a deadly burden of toxic metals that can stunt or kill aquatic...
...faith in high technology to strengthen the economy, they advocate a, so far, distressingly vague program of tax and investment incentives to spur expansion of rising industries such as semiconductors and computer software, as well as job retraining programs to cushion the plight of workers laid off in declining "smokestack" industries such as steel and autos. As an option for the future, the strategy is well worth debate, presuming that somehow the money could be found, but it is not much help in confronting the overwhelming problem facing the Congress that will be elected next Tuesday...
...addition of American Express (1981 sales: $7.2 billion) startled many Wall Streeters, since it was the first financial firm to join the so-called 30 industrials. The new arrival, though, reflected the trend of the U.S. economy away from the smokestack industries and toward services...