Masonry Magazine March 1974 Page. 29
Washington Wire
The White House forecast is plausible. But there isn't much confidence in the official forecast these days. Doubts could be resolved by increased Federal spending and slightly easier credit.
Better not plan on a restoration of price stability in the near future. Further big increases in prices of commodities and services seem inevitable. Economists are pointing out that prices of many items are way out of balance. Prices of basic industrial materials have risen very substantially recently, and these cost increases are still to be passed through to the end-products. Prices of gasoline and heating oil have already shot higher, for example, and may need to rise further in order to get demand and supply into balance.
The outlook for wage rates and unit labor costs isn't rosy, either. Wage increases have been growing larger since last spring, at a 72% rate. Even so, "real" pay has declined over the past year, because of inflation. The bargaining calendar is very big, including pattern-setting industries. Workers will be seeking large pay boosts to prevent erosion of real income. And settlements reached so far indicate that they will be very successful.
What's more, productivity gains will be small as the economy continues sluggish. Therefore, large wage increases will hike production costs for businesses- and force more price boosts.
A sharply higher minimum wage is being pushed again in the Congress. Organized labor is determined to get an increase enacted during this year, after suffering defeat last year when the President vetoed a minimum hike. A Senate measure would boost the minimum, in two steps, to $2.20 an hour. The increase from today's $1.60 an hour will soon be ready for floor action.
A House bill would set the national minimum wage even higher-at $2.30 an hour. However, the House measure would allow employers to pay less to student workers a minimum 15% less. Nixon is offering a promising compromise.. an increase to $2 an hour now and then $2.10 next year and $2.30 in 1976.
The President and Congress are at odds over new unemployment benefits. The White House wants to head off efforts in Congress to vote added payment for those workers who lose their jobs because of the current energy crisis. Instead, the President wants to make permanent additions to jobless benefits. Any worker who had exhausted other unemployment benefits would be covered. In addition, a Federal-state program provides another 13 weeks of benefits, when unemployment in an area hits a trigger point. Only four states qualify.
Many legislators feel that action is needed now on emergency benefits. They argue that the Administration plans couldn't take effect soon enough. They maintain that immediate relief is required to help those already listed on the jobless rolls.
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