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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Apr 06, 1985
Page
10
Louis Rakeyser critiques generations for inheriting economic problems, noting 1985 deficit concerns and Reagan era deficits. He argues prior leaders postponed painful issues, foreshadowing future financial strain and public debt for descendants.
Financial columnist Louis Rukeyser reflects on Reagan era policies, noting early restraint gave way to tax cuts and growing deficits. He argues Social Security and defense cuts misaligned with deficits, warning future generations would bear the costs, and ends with a blunt apology to his grandchildren.
A federal court refused to bar the President's Commission on Organized Crime from questioning Teamsters leader Jackie Presser about alleged criminal ties. Judge Gesell denied the request from Presser's attorney Climaco of Cleveland and noted the commission's plan to question Presser about bribes, kickbacks, and the handling of union funds. The deposition, scheduled for March 26, was not shown to have occurred, while the commission also sought details on the Central States Pension Fund and other Teamsters funds amid past organized crime influence concerns.
The March civilian jobless rate remains 7.3 percent while 434,000 new jobs are created. Growth in business and health services, construction, and retail adds 145,000, 130,000, and 80,000 positions, signaling a resilient expansion despite fears of recession. Analysts view the data as evidence the growth recession is not tipping into a downturn.
The report notes 107.1 million people employed in March and a record labor participation rise while discouraged workers total 1.25 million in Q1. Manufacturing hours improve to 40.4 per week though factory employment lacks growth due to import competition and overseas shifts. Janet Norwood cites women driving service-sector gains as the labor pool grows.
Evergreen Motors in Frederick completed the first phase of a $500000 expansion by adding a Saab only service section with three bays a Sun diagnostic analyzer and two lifts to service three Saabs at once. The facility will also support future sales showrooms for Saab BMW and Subaru and will offer rapid parts sourcing from Saab Scania within 24 hours.
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