Masonry Magazine October 1971 Page. 16
Washington Wire
(Continued from page 15)
5½% then. There's more to the problem than lowering present unemployment by a sixth. Many more jobs have to be created to keep unemployment from going higher.
Normal population gains will mean another 1.3 million people seeking work. Rising productivity says the same output can be handled by fewer workers-meaning that new jobs will have to be created for several millions more. You have to run hard to stay in the same place and harder to make progress.
Most analysts agree that the trend in unemployment is down. With luck, the target of 4% could be reached by 1973's end.
WILL WAGE-PRICE RESTRAINTS REALLY WORK -even with their teeth? Some observers are wondering. The record in other countries is not reassuring. There will be many requests for exemptions-many with some justification. There will be a few instances of evasion, because it will be hard to check on smaller establishments. Wartime patriotism will not be a helpful plus.
The President's advisers are quite optimistic, though. They note that the opinion polls show that the public is sick of inflation and support the Nixon effort. If Phase II fails to stop inflation, money may have to be tightened again and the brakes applied to the still fragile expansion of business.
In the end, the success of Phase II will depend upon how grim the President is prepared to get in dealing with demands for exemptions. Some relaxation will be inevitable in the interests of equity. But officials say that they have no intention of giving up the game after so much painful effort.
THE TEMPORARY IMPORT SURCHARGE MAY BE RESCINDED sooner than anticipated. The U.S. has eased the preconditions for removal of the tax. Officials say that once currencies are realigned and "tangible" progress has been made toward eliminating barriers to trade, the 10% import tax will end. Earlier, this country wanted our allies to bear a fairer share of the common defense. And it was demanding concrete evidence of progress in erasing trade barriers.
(Continued on page 22)
JANUARY 8-12, 1972
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masonry October, 1971