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Mutual – Cedric Foster News – April 28, 1958 – Gordon Skene Sound Collection –
The news was about Recession and Unemployment and what Capitol Hill was going to do about it, this April 28th in 1958.
The Unemployment situation in America was looking bleak. And plans put forth on Capitol Hill ranged from increasing unemployment benefits to suggesting loans – opinions on the Unemployment remedies ranged from calling Unemployment benefits outright Socialism, while others suggested taxing those oil, aircraft and publishing companies who were currently experiencing a financial windfall to pay for the Unemployment increase.
Meanwhile, more news on the Cold War. President Eisenhower asked the Soviet Union to accept the American proposal for inspection against surprise attacks from the Arctic. In writing a letter to Nikita Khruschev, President Eisenhower said the proposal before the United Nations, would be a significant first step in relieving world tensions if it were to be accepted by East and West.
Vice-President and Mrs. Nixon arrived in Montevideo, Uruguay for the first of several South American stops. The Nixons received a warm welcome at Montevideo Airport from a crowd of some 500. So far, so good.
United Steel Workers President McDonald asked for an all-out anti-Recession spending program, during his testimony at the House Banking Committee in Washington. He said it would be a small price to pay for reversing the economic problem. The temporary deficit of some $10 billion was preferable, he felt, to losses of production, profits, dividends, wages and salaries, equal to an estimated $40 billion a year.
Floods and tornados were reeking havoc in Northeastern Texas and Southern Arkansas, with hundreds driven from their homes by torrential downpours of some 12 inches in the previous day.
And that’s a little of what happened on this otherwise calm and peaceful April 28th in 1958, as reported (on this partially destroyed radio transcription disc) by Cedric Foster with his News and Commentary from Mutual.