Economy and Unemployment - 1982

The Economy and Unemployment - 10% but "everything's fine".

October 11, 1982 – The Economy: Promising A Boom – Delivering A Bust.

Economy and Unemployment - 1982
The Economy and Unemployment – 10% out of work, but “everything’s fine”.

October 11, 1982 – CBS News On The Hour – Gordon Skene Sound Collection –

October 11, 1982 – The economy and insisting on a rosy picture. With nationwide unemployment reaching 10.1%, eyes were gazing with worry at the future. But sources at the Reagan White House said it was all “fine” and things just “needed time to work out”. However, some Republicans voiced concern this figure could have repercussions in the mid-term elections, just around the corner.

Much of the woe was attributed to tax cuts for the Rich and large corporations, who were taking wild advantage of the newly deregulated atmosphere and heading offshore for sources of cheap labor while pretty much abandoning workers at home. That wasn’t setting well with Democrats who warned the situation with the economy was going to have long-term affects. They also said the trickle-down theory of economics was faulty. And so it went.

Meanwhile – The World Series was getting ready to open on Tuesday (October 11th came on a Monday in 1982) – dubbed “The Beer Barrel World Series” because the St.Louis Cardinals, who were owned by beer-baron August Busch, were taking on the Milwaukee Brewers. In Football news; the strike was taking a step forward in the resumption of negotiations between union and management officials. For the first time since the strike began, both sides were able to agree on something: they will go together to the Federal Mediation service and seek aid in finding an outsider to get the stalemated negotiations going again. The service however, was limited to providing names of mediators agreeable to both sides. No new talks were scheduled but both sides expressed a strong desire to end the strike.

And Auto workers were casting ballots this week over a proposed new contract with Chrysler. The voting was anticipated to be nothing more than a formality since Auto Workers Union President Douglas Frasier all but conceded rejection of the agreement which tied pay raises to Chrysler profits instead of proving a wage hike up front.

And that’s a small slice of what happened, this October 11, 1982 as reported by CBS Radio News On The Hour.

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