I" I Ph? B4-The Chronicle, Thursday, December 15, black busir Black Economic C New York ? 1984 will bring only modest improvement in the economic conditions of black Americans, predicts the Black Enterprise Board of Economists in the "First Annual Economic Outlook for Black America: 1984/* published in the current issue of Black Enterprise magazine. Despite a bottoming out of the recession and an upswing in the nation's overall economy, most black Americans can expect to reap only modest benefits in 1984. It will take at least one million jobs for black Americans to regain the unemployment level they had in 1979 before the last two recession years, the board concludes in the special copyrighted article. The board, chaired by publisher Earl G. Graves, recently met over a three-day period to deliberate on certain key economic factors and to project their proposed effects upon the economic well-being of black Americans in 1984. Among the issues considered were: the changing economic status of black Americans, employment and unemployment, income and wealth, industry penetration and distribution, financing and government regulations, and the nexus of economic and non-economic issues. The board concluded that 1984 will bring some modest -? ' v.i.t.u in me economic siaius oi Diack Americans as a result of the recovery of our nation's overall economy and bottoming out ot the recession. But unemployment among black Americans will regain a most pervastv^problem?especially for black teen-agers. And, despite the fact that the unemployment rate for black Americans in 19tf4 is projected to stand at about 16 Bank Promotes Four Bernese L. Sullivan and I David C. Taylor were iBI recently elected trust of- ||||M ficers at Wachovia Bank liMB and Trust Co. in WinstonSalem. Edgar L. Hartgrove Jr. and Deborah N. Hawkins have been pro moted presidents in the Institutional Funds Management M Ms. Sullivan joined _ . - iB. ..... . . . Bernese L. Sullivan Wachovia in 1972 and is currently a master trust business administration fnnci I It Q n t A naliuo rtf f--~ *4-? 1 I_I !i" -* vwii?uiiHiit( n uamv ui iivjiu me uiiivcrsiiyipOi Winston-Salem, she earned North at-^ a bachelor's degree in Greensboro. business ^administration Hartgrove joined from Winston-Salem State Wachovia Services in 1979 University. and transferred to the bank Taylor, who joined the in 1982 as stock transfer acbank in 1982, serves as new count administration business marketing manager; representative in the Ms. Hawkins, a native of charitable funds section. He Pittsburgh, Pa., recently is a native ofWinston- joined Wachovia as a proSalem and holds a ject coordinator in corbachelor's degree from Ap- porate trust. She has 10 palachian State University years experience in the corand a master's degree in porate trust area. Enjoy The Holidays This should be a happy season...free from worry. If, for example, you're concerned abouf your life insurance program?any part of it?just give me a call. Maybe I can take the worry off your mind in time for you to enjoy the holidays. Charles W. Patrick ( lea DanratanlslliiB w?.v? ..Vpi vawmauvv 514 S. Stratford Rd., Suite 316 Winston-Salem, N.C. 27103 (919) 724-1593 ^ Metropolitan I Kam Insurance^ompiiifles METROPOLITAN REALLY STANDS RY YOU. Life/Health/Retirement Metropolitan Life Insurance Company, New York, N Y ) I 1983 less Business News, Business People, Profiles Conditions Will In percent, down from approximately 18.5 percent in 1983, unemployment among black Americans will remain at a crisis level in most communities. As a result of this projected bleak economic outlook for black Americans in 1984, the board concluded that, "Business as usual will no longer suffice." It offered the following recommendations as possible remedies: job training programs at greatly expanded levels, targeted specifically at the economically underprivileged, to strengthen the basic academic compentency of teenagers, give them marketable job skills and assist them in CfPiirinn < - ? * wfwwnmwii-auui wiipwynidii. a regaining of the U.S. technological lead and improvement in the overall productivity of American industry in order to increase job opportunities and enhance job security for black workers in such basic industries as automobile and steel. stringent support and renewed commitment at the ^B -N% 1^^0^** s >s ^ii^ $miii; WclChOVi& Youll pay less . _ _ - - ? ?. . N Rime-Plus Master Percentage Rate* (APR), compa institutions and merchants. So if and save. If you don't have one, s Based on Wachovia's prime rate in effect on the ne: loans and will vary with money market conditions. Wachovia MasterCard variable rate cannot exceed V A lprove In '84, Say federal level for affirmative-action regulations already in tl existence. creation of a "wedge-type" financing program of in- / terest rate subsidies for minority entrepreneurs from ex- is isting SB A direct loan program. ? ? ? a higher level of funding for MESBlCs to provide E understanding that the revenue bases of those cities must R be strengthened and made independent of state and \ federal governments. v In addition to these recommendations, the board \ essentially agreed that those black Americans who have F already benefited from passage of more favorable E economic policies must participate more fully in pro- e viding relief for those economically disadvantaged. I "We should judge our economic successes or failures V according to the plight of the poorest among us," says N Dr. Glenn Loury, a member of the board. "More af- 1 fluent black Americans have an obligation to do more for B ^w? wacnovia fi? interest on your Wachovia Prime-Phis Mast* pAee or call a Personal Banker1. xt to the last business day of each month plus 5%. The prime rate is se While automatically providing the benefit of any decline in the prime i 18% APR. Like many other bank cards, the Wachovia MasterCard is f 9 ' 1 |. ?--n^-a 1 - - . ?. r 11- -1 - *-wwii ' ~ > it ir lt -nii-Miifn i Economists tie black poor than they have in the past." . In addition to Loury, professor of economics and tfro-American Studies at Harvard University, the board > made up of Dr. Marcus Alexis, chairman of the conomics department at Northwestern University; Dr. lernard E. Anderson, director of social sciences at the Lockefeller Foundation and professor of industry at the Wharton School of the University of Pennsylvannia; Dr. Villiam Bradford of the University of Maryland and aie university; ur. w. Arthur Lewis, James Madison rofessor of political economy at Princeton University; >r. Alfred E. Osborne, associate professor of business conomics at the Graduate School of Management at the fniversity of California at Los Angeles; Dr. Phyllis A. Wallace, professor of management at the Sloan School of lanagement at the Massachusetts Institute of echnology and Dr. Andrew F. Brimmer, president of rimmer Co. x I Wr pP \ I^^PmmVmvn^l * ?? V/SA 1^Spill V "S'X't ." ' V< v - " - V - . SSSplillll^^ H? WsSmlmfi mm* m 11 *s lilt V $ $ *"* $ +y '^.f,: 5. <-*?\\ %'\!"* \ -y -V , " -'" -* $* ,? & VVV\ ; V# - ;: atCard? balance than on almost T o strings attached. Wachovia's December 1983 is 16% Annual icial !it Wachovia Bank&Trust t by Wachovia as the basis for interest on many ate, under current North Carolina law. the rvailable for an annual fee of $18. \ ?>