Masonry Magazine July 1967 Page. 26
Washington Wire
(Continued from page 8)
Virtually all government analysts expect far more exuberance from the economy this fall. And many private experts will go along.
THE U.S. WILL LAUNCH A LIMITED ANTI-MISSILE PROGRAM fairly soon, if there is no firm agreement with the Russians to avoid a new escalation. The Johnson Administration wants to head off a new and extremely costly round in the international weapons race. But if Russia says no, and decides to proceed with a program to neutralize American missiles, we must respond.
The technology already exists. Now, it would take $3 to $5 billion a year to defend key cities and missile sites. Start of work could begin some time in 1968. A go-ahead could hurt chances of a reduction in taxes for some years to come.
THE BUSINESS OUTLOOK FOR NEXT YEAR IS UNUSUALLY MURKY for this point in time, though economists generally have a feel by the middle of a year. Some experts see a good case for slower growth later in 1968 after the zip of coming months run down. They expect the Viet Nam build-up to level off.
A majority, though, looks for continuation of the fall rise all during 1968. By this reckoning, next year should be substantially better than this. But neither view is very firmly held. Uncertainty about 1963 will last for a while.
HOME-BUILDING IS FINALLY SHOWING THE ZIP that has long been awaited. Housing starts jumped in May. And higher building permits signal new gains. Mortgage money has been rising in cost, but money is still very plentiful. These funds are creating pressure on lenders to invest at these high rates. Helping conditions is the fact that the overhang of vacant or unsold homes has been worked off. There is now a seller's market in used housing units.
Officials see a rise in rents and home costs looming on the horizon. A return to tight money would make a spurt a sure thing. This is one big reason that the White House and the credit-controlling Federal Reserve feel a tax hike is vital.
Note, though, the point of view of the doubters- admittedly a minority-who feel that rising costs and less easy mortgage credit will keep the recovery in home-building from rolling.
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MASONRY
July, 1967