Americans Accept Higher Unemployment as Affluent Trend
The United States shows tolerance for unemployment around 5.5 to 6 percent, with forecasts suggesting 7 to 8 percent could persist. Gallup polls still flag inflation as the top concern, influencing Ford’s reelection odds despite jobless rates near 8 percent on Election Day. Economic experts cite post–Depression social policies and policy failures shaping public patience. The 1946 Employment Act anniversary frames the political debate as Democrats push unemployment around 8 percent and Republicans seek movement downward. A labor rally is planned in Washington’s Kennedy Stadium as observers weigh the persistence of high unemployment.
MENTIONED IN THIS ARTICLE
New York
United States
Kennedy
Gallup
Ford
White House
Labor Movement
Washington
Kennedy Stadium
New York Times
Labor Department
Business leaders foresee end of slump by fall 1976
Washington five top executives predicted the recession would end by fall and 1976 would bring economic acceleration. Donald C. Cook warned of a looming energy shortage by 1980, possibly curbing recovery. Thomas A. Murphy of GM projected auto output at 10 million or more with new models boosting fuel economy. Other executives cited inflation easing, lower interest rates, and financing challenges.
MENTIONED IN THIS ARTICLE
Washington
Donald C. Cook
American Electric Power Co
General Motors
Thomas A. Murphy
Walter B. Winston
First National City Bank
New York
Sears Roebuck
Arthur M. Wood
Irving S. Shapiro
E.I. DuPont Co
Reginald H. Jones
General Electric
Cook
Murphy
Wood
United States
Winston
IRS clarifies rules for home purchase tax credit
The IRS issued temporary guidelines for a 5 percent tax credit on new homes up to 2000 dollars, with a 40000 dollar price trigger. Rules cover principal residence, first occupancy, contract timing, and how credit interacts with tax liability.
MENTIONED IN THIS ARTICLE
IRS
New York
Internal Revenue Service
World poverty loan fund proposed by Trilateral Commission
The Trilateral Commission urged a new fund to move 3 billion dollars annually from oil producing and industrialized nations to low income countries. Led by Zbigniew Brzezinski, the plan would borrow 3 billion at 8 percent and lend at 3 percent through a World Bank arm, financed by a 900 million dollar annual interest fund.
MENTIONED IN THIS ARTICLE
New York
Trilateral Commission
Richard N. Gardner
Columbia University
Saburo Okita
Japan
Overseas Cooperation Fund
B.J. Udink
World Bank
One Shot Tax Credit Boosts Take Home Pay in 1975 Tax Change
The new tax law offers a $30 credit for each personal exemption in 1975, a higher standard deduction, a boosted low income allowance, and other breaks. Temporary withholding tables will apply to wages after April 30, 1975, with changes continuing through 1976, affecting many filers and potentially reducing tax owed or increasing refunds.
MENTIONED IN THIS ARTICLE
IRS
Prentice-Hall
U.S. Treasury
Oil Jobbers Seek End to Federal Controls
A National Oil Jobbers Council committee urges phasing out federal controls on petroleum allocation and pricing. The plan envisions a three year decontrol as the 1973 act expires, with prices and allocation moving to a free market aided by likely extension of the act.
MENTIONED IN THIS ARTICLE
Chicago
National Oil Jobbers Council
NOJC
Platt
Oilgram
Herbert Hugo
Hugo
Record U S imports share hits 21 percent in 1975 auto sales
U S imported car sales surge to 21.1 percent of first quarter 1975 volume after 16.6 percent in late 1974, with 405 100 foreign cars sold in Q1 against 366 300 a year earlier. Ford’s Lee Lacocca cites fuel economy fears as buyers shift to smaller, economical imports amid gasoline concerns.
MENTIONED IN THIS ARTICLE
U.S
Lee A. Lacocca
Ford Motor Company
America
Environmental Protection Agency
Lacocca
Detroit
Also Mentioned on This Page
Paul Samuelson
Massachusetts Institute of Technology
Vietnam
Jones
Shapiro
World Poverty Loan Fund
North America
Western
Europe
Newsweek
Zbigniew Brzezinski
Save For You
Bixby Knolls
Cerritos Square
Long Beach
San Antonio Dr
Palmer Import Motors
This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!