Masonry Magazine February 1968 Page. 30
Washington Wire
(Continued from page 23)
utilization. These will do a lot to offset the impact of higher labor and material costs.
THE PRESIDENT'S AIM TO SLOW THE WAGE-PRICE SPIRAL won't do much to check the current inflation, in the view of many officials in Washington. His designation of a cabinet Committee on Price Stability, to focus attention on the consequences of "irresponsible" actions, will accomplish little, for it is supposed to stay out of specific, current wage and price developments.
The Committee would address its efforts to the solution of certain "structural" problems-shortages of needed skills, anti-competitive situations, Federal procurement practices, etc. Beyond this, the President will rely on his personal persuasion to get unions and management to show restraint.
But the unions won't respond to persuasion. Their members won't let them-not after some lines have given fat hikes. Industry can't hold its prices if labor costs keep rising.
THE FIGHT TO SAVE THE DOLLAR WILL BE ROUGH, but government officials insist it can be won. Some of this may be wishful thinking; it's conceded, privately, that the situation is more serious than the public appreciates. The dollar is vulnerable to the sort of pressures that toppled the pound. But the U. S. predicament is different-basically stronger than Britain's. This country is far more productive. And its supply of gold is much larger.
Financial experts say that Johnson's program can trim dollar outflows. It has teeth penalties. Some observers feel the measures will halve the drain of dollars (and gold) to other countries. Some look for even more progress over the year.
A shrinkage in America's trade surplus once the strongest element in the balance of payments-is causing new worry. Exports are lagging, imports are up. This is why there is such interest in a surcharge on imports to slow them down.
TALK OF PEACE IN VIET NAM REFUSES TO DIE in Washington. It keeps cropping up in the conversation of key officials. They believe that the situation has passed a significant turning point. Things are not the way they were before. Concessions have been made on both sides, though they seem to be belied by the very intense fighting since the first of the year.
After all, Hanoi did say that talks "will"-not "could" get under way as soon as the bombing of the North halts. And the U.S. no longer is insisting on a reciprocal move; we will accept assurances of no more than "normal" activity by the Communists during talks, as evidence of their intent.
The step-up in fighting could be misleading, representing an attempt to improve Hanoi's bargaining (Continued on page 32)
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