Masonry Magazine January 1973 Page.35
Washington Wire
(Continued from page 9)
THE ADMINISTRATION IS PLANNING a balanced budget next fiscal year. Officials think a deficit must be avoided as an anti-inflationary maneuver. They aim to hold spending close to $290 billion, about in line with revenue. Outlays would rise $20 billion from this year. But uncontrollable items Social Security, welfare, and Medicare would account for most of the rise.
The outlook is dim for new spending initiatives next fiscal year. Of course, some overhaul of welfare and housing plans can't be ruled out. Officials see little room for savings on defense to pay for new social programs. But there probably won't be any new taxes proposed on individuals and business.
BUSINESS IS MOBILIZING TO OPPOSE a new Federal Trade Commission plan. It would require reporting of financial data on a "line of business" basis, rather than on an aggregate basis as currently permitted by the Commission. As a starter, the reporting proposal would affect the 2,000 largest firms. But product-line reporting requirements could be extended to smaller firms. The Commission holds that present reporting of aggregate data is inadequate; for instance, it cannot determine whether product pricing is competitive. And the problem has become more severe with the growth of diversification.
Businessmen argue that the proposal would impose new cost burdens with little or no benefit to the public in return. And they are concerned about the confidentiality of the data, contending the FTC can't guarantee it will be secret.
THE PERFORMANCE OF PROFITS will be flat in 1974 perhaps even beyond. That's the not very encouraging forecast of a number of industry analysts. They feel chances are dim for a return to the profit ratios of the 1960s. Government's share of income will continue to increase relative to the GNP. Efforts to maintain high employment will bolster workers' share of income.
There will also be a negative impact on profits from costs of improving consumer products, from environmental actions, and from controls on prices. Businessmen will be very hard put to increase their profit share of the national income. And normal cyclical factors are likely to play a depressing role not only next year, but also in the years just ahead. Thus, real economic growth in the area of 2-3% during next year suggests little increase in profits or some decline.
MASSIVE CLASS-ACTION SUITS may be severely limited in the near future. The Supreme Court has agreed to decide if plaintiffs must bear the expenses of notifying class members. A lower court says yes they must foot bills, holding that individual notice is necessary to identifiable class members. The decision affects virtually all class actions now pending in the courts.
If upheld, the ruling would destroy the effectiveness of class actions in enforcing the law. In many of these cases, particularly actions brought against major corporations, the cost of notifying all members of the class could run into millions of dollars. Environmentalists and most consumer groups might well find the notification costs prohibitive.
THE CONSUMER PRODUCT SAFETY COMMISSION is starting to flex its muscle. The Commission holds authority over an estimated 10,000 to 100,000 products. It doesn't plan to ban any items, but it will seek to enhance their safety. The new Commission has prepared a priority list based upon injury reports. The agency will base its future actions on the needs shown by the new list. All told, the Commission ranks 369 products in order of their user hazards.
Among its major steps will be issuance of required safety standards for such items as swimming pools, slides and swings, and football gear, especially used by children. The agency will attempt to adjust its corrective steps to each case depending on the severity of the hazard, the chances for success, the cost, and the actual exposure of the consumer to risks of injury or even death. Commission remedies range from disseminating data to imposing fines.
COMPREHENSIVE PENSION REFORM LEGISLATION probably won't pass in '73, despite the fact that the Senate overwhelmingly approved a strong measure. An unusual coalition is now opposing the Senate bill in a House committee. The Nixon Administration wants to scale back the Senate bill. So do quite a number of business groups and, surprisingly, some big unions. They are particularly concerned with the bill's termination-insurance plan, saying it would benefit few with a disproportionately high cost to many. Only if Congress remains in session through December is final approval expected.
MAYCO C3OD
SMALL LINE CONCRETE PUMP
For more uses than any other
small line concrete pump!
• Masonry and high-lift grouting, lightweight cellular concrete floors.
• Wet-gunning.
• Slabs and foundations.
• Handles ½" minus aggregate.
• Pumps stiff mixes 400-500′ horizontally and 100' vertically.
Diversify with the C30D into a concrete pumping service.
See the Mayce in Booth 2223 at the MCAA Trade Show in Las Vegas
For name of local MAYCO distributor contact:
MAYCO PUMP CORPORATION
4560 Sperry St., Los Angeles, Ca. 90039/(213) 245-8821
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