Word: superjet
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Dates: during 1970-1979
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Transatlantic Layoffs. By week's end the Rolls crash had cost the jobs of almost 10,000 workers in two countries, including 6,500 laid off by Lockheed in Burbank and Palmdale, Calif. There, Lockheed had been building the TriStar superjet, for which Rolls was supposed to supply the engines. The bitter joke on both sides of the Atlantic was that the Rolls crash has made the 256-passenger TriStar "the world's largest glider...
...given a ticker-tape parade on Broadway that surpassed Lindbergh's. Hughes' big flop of World War II−a 200-ton, eight-engine plywood flying boat dubbed the "Spruce Goose," which was only 11 ft. 4 in. shorter than today's 747 superjet−led to a celebrated joust with Maine's Senator Owen Brewster before a congressional committee. Brewster demanded to know why Hughes had spent $18 million in Government funds and produced no flyable plane. Hughes won the publicity battle when he flew the plane for a mile...
Since it took to the skies in January, Boeing's 747 has had the multibillion-dollar superjet market all to itself. Last week in California, two hungry competitors served notice that Jumbo's period of splendid isolation is coming...
...year ended, and plans to cut back by another 18,000 in 1970. The company's problem is primarily cash flow. Airlines do not pay for new aircraft until they are delivered, and Boeing is more than three months behind schedule in production of its $23 million superjet 747. Forced to finance the production line from its own and borrowed money, the company is strapped for cash, and has cut its payroll...
...Congress is moving belatedly to supply funds to equip the nation's airways and airports for the superjet age, and most of the load will fall squarely on the air traveler. By spring Congress is likely to pass legislation to raise nearly $1.8 billion a year in new revenues. The ticket tax on domestic flights will rise from 5% to 8%, and there will be a new "head tax" of $3 on passengers flying overseas and a 2% tax on air freight. The money will be used to improve airways by adding new navigation and communications aids; airports will also...