Order a high-quality 18"x24" poster print of this page. Add to Cart

Jacksonville Daily Journal Newspaper Archives Nov 21 1982, Page 1

Low-resolution version. To view a high quality image

Start Free Trial
Jacksonville Daily Journal (Newspaper) - November 21, 1982, Jacksonville, IllinoisEconomic recovery just around the Corner a again . By Robert Furlow the associated press Washington a take heart recession weary America Here comes the recovery. Again. Unfazed by a year of wrong guesses most private and government forecasters Are saying the Economy will begin pulling out of the recession in the next month or so. Many were almost As optimistic last Winter and Spring. Nety government figures released Friday said the National Economy was absolutely Flat in the july september Quarter a no growth no decline just sitting there. Until it starts moving upward unemployment is unlikely to recede much from the highest level in 42 years a 10.4 percent in october. But analysts say the fact that interest rates have been falling Over the past few months Means better times Are almost surely coming. David Cross a senior economist at Chase Econometrics in Bala Cynwyd pa., talks of a a snowballing at first lower rates make it cheaper for americans to buy expensive items ranging from refrigerators on up to houses. And they make it cheaper for businesses to finance storage of inventory stockpiles lessening their risk in increasing production. The Way the snowball is supposed to Roll lower rates a coupled with this years tax rate Cut and the Prospect of next years a encourage Consumers to buy More goods giving producers an incentive to make More thus requiring them to hire Back Laid off workers who then have Money to buy More goods giving prot Duckers an incentive to make even More and hire even More. And on and on. Of course the effect works in reverse too As apparently happened with the record High interest rates that preceded the recession High rates can push Consumers to Cut spending and prod producers to Cut output and Lay off workers. But few expect rates to surge upward again soon. The Federal Reserve Board concerned about the Long recession has been easing its formerly tight grip on the nations Supply of Money and credit and financial markets have reacted by lowering their rates. On Friday it lowered its so called a a discount rate a the rate at which it lends Money to Banks and other financial institutions a from 9.s percent to 9 percent. Here a what some t up economists Are saying about better Days ahead a Robert de Crick undersecretary of Commerce a we can mount a rec very at this time a the first clearly positive month might Well be december he said. A alien Sinai the data resources inc. Vice president who has spoken of the 1981-82 downturn As a Quot near but he said a i believe the processes for recovery Are going on we Are Locking for meaningful recovery in the first a Jack Lavery chief economist for Merrill Lynch amp co current weakness will push Federal Reserve c chairman Paul Volcker to a be More accommodating in policies leading to lower interest a Economy continued on Page 35tarkhflttmur journal courier vol. 152�?no. 98 Jacksonville Illinois sunday november 21, 1982 forty pages and supplements fifty cents Reagan weighs key my decision by Richard c. Gross United press International president Calls for free Trade by Terrence Hunt the associated press Washington a president Reagan called on americans trading partners saturday to work for open markets and reject protectionist policies that insulate their countries from world Competition. A free Trade serves the cause of economic Progress and it serves the cause of world peace a the president said in his weekly radio broadcast to the nation. A when governments get too involved in Trade economic costs increase and political disputes multiply. Peace is Reagan s address comes four Days in Advance of a meeting of free world trading ministers in Geneva Switzerland. Declaring that the International trading system is at a Crossroads Reagan said a either free world countries go Forward and sustain the drive toward More open markets or they risk sliding Back toward the mistakes of the 1930s and succumbing to the evils of More and More government intervention and this is really no Choice at he said the United states a will reject protectionist and defeatist proposals and a will set new goals and Lay out a program for limiting government intervention in world a we will Lead with a Clear sense of our own commercial interests and a quiet determination to defend these interests a said Reagan a let no one misunderstand us a he added. A a we re generous and far sighted in our goals and we intend to use our full Power to achieve these goals. A we seek to plug the holes in the boat of free markets and free Trade and get it moving again in the direction of Prosperity a Reafan said. A and no one should mistake our determination to use our full Power and influence to prevent others from destroying the boat and sinking us 1 weather temperatures High saturday 70 at 2 . Low is Jacksonville and Vicinity mostly Cloudy and cooler sunday with a Chance of showers. Highs in the 50s. Mostly Cloudy and colder sunday night. Low around 40. Mostly Cloudy monday with a Chance of showers. Extended state forecast tuesday through thursday Chance rain or Snow North and South sections tuesday. Colder highs 40s and Low 50s. Lows 50s and Low 40s tuesday night. Highs wednesday 20s North 30s South i Xis teens and Low 20s. Sunset today. 4 42p.m. Sunrise tomorrow. 6 53a.m. Moonset tonight. 9 43p.m. . 23 the Star Spica rises 3 58a m and is followed by the planet Saturn. Saturn is now slowly moving eastward away from Spica and this East Ward motion will continue until about the Middle of february. Washington a whatever president Reagan announces about the Basing of the new my missile monday he will seek to set a nuclear strategy for the nation to follow into the next Century. It is a momentous decision that May involve the expenditure of tens of billions of dollars and its Gravity is reflected in the number of studies and manpower resources Over the past 20 months committed to the problem of finding a Home for the 10 warhead missile. At stake is the future of the decades old . Commitment to a triad of nuclear options to be unleashed in the event the soviet Union launches a first strike against the United state land based missiles missiles aboard bombers and submarine launched missiles. Reagan a decision could determine whether americans nuclear deterrent capability will continue to stand fast on this doomsday tripod. The Pentagon believing its present Fleet of land based missiles is growing obsolete says the new my is necessary to ensure . Capability to retaliate after a soviet nuclear attack. After several false starts by presidents Carter and Reagan Congress set a dec. 1 deadline for a decision on How to base the 90,000-ton missile. Reagan plans to make his announcement ahead of schedule monday. Congress must approve his Basing plan. The United states under a $180 billion strategic modernization program already is committed to the $20.5 billion b-1b bomber and radar elusive stealth bomber to follow it by the Early 1990s and is developing a new generation of submarine launched missiles. The Pentagon has been Adamant in arguing Only land based missiles can pack the punch and have the stability to make them a viable deterrent. Bombers it is said can be shot Down and submarine launched missiles do not have the pinpoint accuracy of their landed Brethren even though military specialists agree submarines Are the most survivable leg of the triad. The air Force and other official sources have been saying for weeks Reagan has Little Choice but to pick the a closely spaced Basing plan known As dense pack because some 30 other options have proved unworkable. The estimated $25 billion dense pack plan is what it sounds like crowding the missiles so densely that the debris heat and nuclear particles kicked up by the first exploding soviet missile directed at the Field will destroy or deflect other approaching missiles. Critics of the plan say it will not work because the soviets can devise a variety of methods to counter it. In addition 100 mrs would be buried in canisters that would be super hardened to withstand pressures of 5,000 to 10,000 pounds per Square Inch. By contrast the minuteman missiles can survive blasts of up to 2,000 pounds per Square Inch. The missile Field would be 14 Miles Long and a mile wide and would be attached to an air Force base in Wyoming Nevada or new Mexico. Putting the missiles in canisters instead of silos would enable the United states to get around provisions of the soviet american strategic arms limitation treaty that prohibit the construction of additional silos. Pope attacks mafia on visit to Sicily United press International Palermo Sicily a Pope John Paul ii speaking less than 24 hours after four people were shot dead by underworld gunmen saturday attacked the mafia by name and condemned the Quot barbarous violence that has bloodied Sicily a capital City. John Paul guarded by tight Security at the Start of his two Day visit to the Center of the sicilian mafias lucrative heroin trafficking Trade called the criminal \ Volence that has claimed at least 127 lives this year an offence to Many a dignity. A the incidents of barbarous violence that for too Long have bloodied the streets of this splendid City offend human dignity a John Paul said to the cheers of some 50,000 people in the heavily guarded main Square. Thousands of police lined Palermo a Palm dotted streets to Greet the Pope on his visit to the sicilian capital his 33rd and longest trip in Italy outside the Vatican. As an increased Security measure hundreds of officers were sent to Palermo from other parts of Sicily and Mainland Italy. Palermo police reported they detained three Young men two of German origin and another foreigner who had empty pistol cartridges and a Bayonet in their backpacks As they waited along the Popes motorcade route. A police spokesman did not release their names but said two of three might be held for weapons Possession. The spokesman said there was no immediate reason to believe the three who were stopped two hours before the Pope arrived in Palermo had any plans to harm the pontiff. The Pope spoke just blocks from where gunmen ambushed Italy Stop mafia fighter Gen. Carlo Alberto Dalla Chiesa and his wife three months ago. John Paul without using the word mafia in his address to City officials called the killings a Phenomena contrary to Justice Equality and social peace that pollute human later in a speech at Palermo University John Paul did mention the mafia when he told University professors that they should use their positions to Mold Young people courageous enough to reject organized crime. A you have another Power which Springs from the strength of ideas and which is today needed More than Ever As an antidote to profound evils particular those connected with the mafia phenomenon a the Pope said. Monaco Prince Rainier of Monaco looks tenderly at this youngest daughter Stephanie after religious rites marking the country s National Holiday late Friday. Stephanie is still wearing neck Brace following car crash last september in which Princess Grace suffered fatal stroke. Up tax free Bonds a break for the affluent by Elmer w. Lammi United press International Washington a americans with annual salaries greater than $50,000 get More than 94 percent of $4.6 billion in Federal tax Breaks because interest on state and municipal Bonds is not taxed Treasury department figures released saturday said. The break for holders of the tax free Bonds is just one of Many tax credits that Benefit the affluent under current tax Laws rep. Henry Reuss d wis., suggested in releasing the Treasury study. Reuss chairman of the joint economic committee called the analysis a an important contribution to. The new drive for Broad based income in taxes lost to the Treasury due to a tax break on Long term capital Gams on other than Home sales. While the study indicated that these and certain other tax credits Benefit High income taxpayers More than others they do not result in the biggest tax losses to the Federal the biggest loss about $24.4 billion comes from the exclusion of pension contributions and earnings from taxation. The second biggest loss in tax revenues $19.6 billion comes from the deductibility of Mort Gage interest on owner occupied Homes. The More affluent taxpayers get 30 percent of the benefits from that tax break. Reuss said the study was the a most current and thorough analysis of Revenue losses resulting from 33 separate exclusions exemptions deductions and other tax credits provided for under existing tax Law. It shows he said that the a most progressive Quot tax Breaks under current Law include the earned income credit exclusion of disability exclusion of untaxed unemployment benefits and tax credit for the elderly. The Treasury analysis indicated that Only 2.2 percent of the benefits from the tax credit for the elderly go to those with incomes exceeding $50,00g and that High income taxpayers get no benefits from the other three. The study indicated that the Treasury loses a total of s 156.6 billion a year from All the tax Breaks for which figures Are available and that More than 33 percent of the total benefits go to High income taxpayers. The study Reuss said shows that some Revenue losses resulting from tax Breaks provided under existing Law a have exceedingly regressive impacts on our tax the Treasury study ranked the exclusion of interest on state and local Bonds As the most a a regressive Revenue loss because taxpayers with income of Over $50,000 a year get 94 1 percent of the benefits. According to the study High income taxpayers also get More than 63 percent of the $13.2 billion Andropov front runner for president the associated press Moscow a Yuri v. Andropov the new soviet communist party chief has consolidated his Power far More rapidly than expected and now appears to be the top candidate to assume the late Leonid i. Brezhnev a other Post that of president soviet sources and communist diplomats say. When Brezhnev died nov. 10, the betting was that Andropov held the Edge in taking Brezhnev a party Post but no one ruled out Konstantin u. Chernenko Brezhnev a Long time Friend and aide. In the past few Days sources have confirmed that Andropov 68, and Chernenko 71, waged a Tough Battle to succeed Brezhnev but that Andropov won after getting the support of defense minister Dmitri f. Ustinov foreign minister Andrei a. Gromyko and ukrainian party Boss Vladimir v. Sherbitsky. When Andropov was named general Secretary of the party two Days after Brezhnev died it was believed that Chernenko would be named president a Job which confers head of state status. He is still seen As having an outside shot at the Job a but Only if Andropov has decided that he does no to want it. The announcement of the new president is thought Likely on tuesday during a meeting of the supreme soviet the National parliament which will vote on a candidate. If Andropov does not take the president s Job the sources said the 73-year-old Gromyko is the next most Likely candidate. Gromyko so Andropov continued on Page 35 lebanese meet with . Envoy by David Zenian United press International . Middle East envoy Philip Habib met lebanese leaders saturday in a new diplomatic offensive aimed at breaking the deadlock Over the withdrawal of foreign forces in Lebanon. As Habib met with president Amin Gemayel and prime minister Chenik Wazzan at the Baarda presidential Palace fresh fighting broke out in the israeli controlled Shouf mountains East of Beirut Between rival Christian and moslem militiamen. Security forces said four Christian militiamen were killed in a Battle with druze gunmen in a Mountain Village Southeast of Beirut and another person was wounded in a car bomb explosion in the nearby town of Aley. North of Beirut where syrian and palestinian troops Are deployed the rightist voice of Lebanon radio said 1,500 iranian troops had moved into the syrian controlled town of Baalbek apparently to join the regions lebanese leftist and palestinian forces. Government sources said Habiby stalks with Gemayel and Wazzan concentrated on diplomatic efforts to arrange a Complete withdrawal of israeli syrian and palestinian troops from Lebanon. The Reagan administration has set a year end deadline for getting the foreign armies out. Habib reportedly wants to arrange an israeli lebanese meeting first but the voice of Lebanon radio said the government had already rejected four israeli pre conditions for pulling out of the country a because they Are nothing but an infringement on our National it said Jerusalem demanded that a Israel should have control Over the Barouk mountains overlooking the strategic Bekaan Valley where the bulk of the syrian and palestinian forces Are deployed. A the lebanese israeli Border should remain open for the entry of israeli products a a Semi diplomatic israeli office in Lebanon and a similar lebanese office in Israel should be opened contents Page Ann landers.20 birthday parade.32 business Market news. 33 classified.,.36-39 comics. 34 crossword puzzle.28 or Lamb .28 editorials. J entertainment. 4. Erma Bosheck. 34 h Groscope. 15 Jacoby on Bridge. 20 plow land. 29,10 society. 9-13 sports. Y 21-25 a to a n 1 Yogt a a a u i is a a a in i it log a a f. , Ltd in top Quot sea a it it. A a a \ a a Oto $ a a i in i inside today local vets visit Vietnam memorial Page 16

Search all Jacksonville, Illinois newspaper archives

All newspaper archives for November 21, 1982

Order a high-quality 18"x24" poster print of the page above.