Masonry Magazine June 1971 Page. 12
Washington Wire
(continued from page 11)
something to work for, so as to cut unemployment and the rate of inflation.
The first quarter saw a substantial pick-up in business activity. But it was heavily the bounceback in autos- and not likely to be repeated. Yet a repeat in every quarter and more is necessary to reach Nixon's ambitious target.
JANUARY 8-12, 1972
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THE ECONOMIC INDICATORS SIMPLY DON'T SHOW that a new boom is starting. To be sure, the business recovery has begun, but it's still a fragile thing. Retail sales firmed over Easter and have shown some improvement since then. But the figures don't suggest that the consumer has launched a buying spree. Inventories have slimmed down, but no surge of accumulation is yet in sight.
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The economy is still on the track of only a very moderate expansion, the type of upturn most economists expected.
PROSPECTS FOR A LONG STEEL WALK-OUT ARE FADING as negotiations begin. The mills are resigned to matching the can settlement 30% over three years. Their deteriorating financial position weighs against a prolonged shut-down. The Steelworkers' leadership also would like to settle before the deadline.
But militancy within the union might force its chiefs to call a strike. And local issues could very well delay settlement. Some local unions want the right to strike over grievances.
CONGRESS IS STILL MOVING SLOWLY ON KEY BILLS after months of effort. Much of President Nixon's major programs remain bogged down in committees. The outlook for eventual enactment of some this year remains very doubtful. But, eventually, certain important proposals will work their way to law.
The biggest accomplishments will come in social legislation:
* A family health plan for major illness could be approved this year. But it will likely be a compromise between the Nixon measure and other bills being sponsored by Democrats.
* Basic welfare reform legislation also appears headed for passage in '71. Support for the plan is growing steadily.
Some important labor legislation may be voted this year:
* Emergency strike legislation got a push from last month's signalmen's strike. The bill would give the President more flexibility in coping with costly transportation walk-outs.
* A higher minimum wage-and for more workers- is due to pass this year. The White House is supporting an increase to $2 an hour in 1974. Democrats want the date advanced two years.
* But other key Nixon programs are floundering:
* Revenue sharing with the states will get hearings. But Ways and Means Chairman Mills promises to kill it shortly after.
* Nixon's plan to reorganize the Executive Branch has gotten nowhere yet. There isn't enough support to win enactment.
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LIBERALIZED DEPRECIATION WILL BE FORMALLY AUTHORIZED by the Treasury. It is now readying the final regulations to provide a 20% faster write-off. The adopted rules also will eliminate the burdensome "reserve ration test." There is little likelihood that opponents will be able to block the rules.
A suit may try to challenge government authority to rewrite the law. But there is serious question that the courts will entertain such a case. Ordinarily, individuals do not have what is called legal "standing" to sue in tax matters.
Did you hear about the identical twins, dressed alike, who ordered drinks at a bar as a drunk staggered by? He took a long look, shuddered, and ordered himself another drink. "Take it easy, fella," said one twin. "You're not seeing things. We happen to be identical twins."
"All four of you?" the stoned one whispered.
masonry • June, 1971