Word: joblessly
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...corporations have scant reason to buy more equipment. Thus the tax savings, in the opposition's view, is a windfall that would do little more in the short run than boost profits. Most labor leaders oppose the idea, maintaining that it would do little to whittle down the jobless rate in steel, aerospace, autos and other major industries. Says A.F.L.-C.I.O. President George Meany: "The President labels the scheme a Job Development Program, but he knows well that much of industry's investment in new equipment will eliminate jobs...
...take some doing. Industry continues to idle along at 73% of capacity. Unemployment has hovered close to 6% for nine months straight. Even if Congress quickly passes the tax cuts and other measures submitted by the White House, Government economists concede that they will be lucky to wrestle the jobless rate down to 5% by next summer...
...stir demand, the government cut taxes on many consumer goods by an average of 18%, or an estimated $564 million a year, and removed all consumer credit controls. It also raised tax credits for capital spending to boost productivity and cut the 3.4% jobless rate...
...Treasury Secretary, however, went out of his way to indicate that the Administration has given up hope of returning any time soon to full employment, which most economists define as a 4% unemployment rate. He derided as a "myth" the idea that a 4% jobless rate should be considered the norm for the economy, accurately noting that in the past 25 years the nation has reached that level for a full year only in wartime. This position represented retreat for the Administration, which in 1970 suggested that it was aiming for a 3.8% rate in early...
...G.N.P. was only $20.4 billion higher than in the first quarter. That gain was only two-thirds of what the President had hoped for. One result, as Chief Presidential Economist Paul McCracken recently admitted, is that "the expansion is not yet moving fast enough to eat into unemployment." The jobless rate is a discouraging 6.2% of the work force and is likely to go higher as more Viet Nam veterans hit the streets...