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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 29, 1986
Page
20
The article traces minimum wage buying power from 1950 to 1985. It notes inflation kept buying power steady after 1950, a rise in the 1970s, a 26 percent drop from 1981 to 1985 at a fixed 3.35, and current power about 20 percent below its 1970s average and a third below 1968 peak.
Opposition grows as 44 senators sign a letter challenging the excise tax changes in Sen. Packwood’s tax overhaul plan. The measures, worth about 75 billion over five years, would shift excise taxes to raise revenue and curb deductions, drawing warnings of higher prices and a regressive impact.
Frontier Airlines will raise ticket prices by 20 to 40 dollars next week and require 14 day advance purchase for its lowest fares. United and Continental weigh similar increases as People Express forecasts up to 30 million dollars in first quarter losses. Frontier plans to lift Denver to Newark fares to 99 on Sundays and 149 on other weekdays, with 69 on midweek.
Five unions representing Northwest Airlines and Republic Airlines workers filed comments with the U S Department of Transportation seeking binding job protection as the $884 million merger faces antitrust and integration scrutiny. unions warn of potential layoffs transfers or downgrades while DOT and Justice Department review. Moody s then-cut debt ratings on NWA Inc and Northwest debt cite higher leverage from aircraft purchases and the Republic deal.
The Pentagon named Rockwell International and TRW and Boeing as finalists to design proposals for the National Test Bed in Seal Beach and Seattle. Each firm will submit designs within six months to create linked computer and simulation facilities for evaluating battle management and command communications systems. A second-stage award will go to two or more contenders after the Defense Department reviews proposals.
The Board reported February deposits at insured savings and loan associations topped January gains but showed a net withdrawal of 1.73 billion after the monthly balance. Deposits earlier rose 1.88 billion in August, with declines in seven of twelve months last year due to new regulations and falling rates.
The 2nd U.S. Circuit Court of Appeals vacated Clark J. Matthews II’s securities fraud conviction for failing to disclose a grand jury probe into an alleged bribery plot. The court noted no proof Matthews concealed an actual conspiracy and questioned the necessity of declaring an uncharged crime in proxy disclosures.
Alan K. Haney, 40, named president of the National Bank of Washington succeeding Taunce H. Mathiason who resigns to lead Hawkeye Bank & Trust Co. in Maquoketa. Mathiason, 45, becomes president and CEO of Hawkeye Bancorporation unit after leading the National Bank since 1976. Both banks under Hawkeye Bancorporation.
The piece portrays Lee Iacocca as urging blunt discussion of political matters. It highlights his 40 year rise through Ford and leadership roles at Chrysler and his media influence. The Gazette teases an upcoming Sunday feature exploring his thoughts and plans.
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