Masonry Magazine June 1968 Page. 8
Washington Wire
(Continued from page 7)
HOME-BUILDING IS STILL GOING TO BE DEPRESSED substantially later on this year, say government housing experts. They warn against being misled by the fairly good figures on new private starts through the end of April. Tight money will cause heavy cutbacks on residential construction, as always. The fact that money may not be tightened more is no guarantee that history won't repeat itself. Recent moves to restrain have pushed mortgage rates to record levels, have turned lenders wary, and have pared building plans.
Economists agree that it will take months to undo the damage already done by reliance on tight money. By the year's end, housing starts may have fallen to a 14 million annual rate.
CONGRESS IS PUSHING HARD TO WIND UP THIS SESSION by convention time, specifically by the last week in July. No one wants to come back afterward. Most members in the House, especially will want to get home to campaign. With the Johnson Administration departing, a special session is not likely. Some important legislation has been processed to date - more than is realized. The tax and civil rights battles have overshadowed other important actions.
Congress' most important work has centered on economizing. Research and development funds have been the hardest hit. The Space Administration has already been cut $400 million. The Senate knocked 3% off military research, then trimmed the entire program for the Defense Department another 3%.
THE POOR PEOPLE'S CAMPAIGN IS UNLIKELY TO WIN any really big gains. Leaders toned down their early demands, sensing Congress' economy mood. The Guaranteed Annual Income for everyone was quietly dropped as a request. But they still want more low-cost housing, food programs, and health care. Many Congressmen now accept the Campaign as legitimate Washington lobbying. Others are worried over greater tensions, in the wake of the April riots.
REVISION OF THE COPYRIGHT AND PATENT LAWS may well die in Committee. Jukebox and community antenna TV treatment are the major copyright issues. Without a new Act, Congress will again extend copyrights already in force. Patent revision is stalled on questions involving new technological uses.
FEDERAL REGULATION OF PRIVATE PENSION FUNDS may be voted this year. About 26 mil-(Continued on page 28)