I have read in The Times the following: the Bank of America will possibly merge with First Interstate, causing considerable layoffs and branch closings; Burroughs will lay off 8% of its employees; Northrop will lay off 350 workers; Flying Tigers Lines, the world largest air cargo carrier, says it may fold if wages aren't cut; Lucky Stores will sell Gemco, with the loss of 9,000 jobs. Previously I had read that 38,000 manufacturing jobs were lost in the United States in September.
I don't have to be an economics expert to know that the U.S. economy isn't static, it's going backwards, to a new generation of low-paying jobs, with few benefits, if any, and little chance for advancement.
The new tax bill, because it raises business taxes and curtails consumer deductions, will depress the economy even further.
People who earn $6 an hour, with few prospects, can't buy houses, new automobiles, pay for medical care or insurance, or a whole lot of higher education. Incidentally, they don't pay a lot of taxes, either.
RENATA B. MULRY