Masonry Magazine May 1975 Page. 27
Washington Wire
SOME ANALYSTS ARE STARTING TO FRET about the recovery's staying power. They're concerned that the plus-factors may run their course during 1975-and that further stimulation may be needed to keep things rolling in 1976. For one thing, the impact of the tax cut will be felt entirely in this year, with the big bang coming this quarter, then diminishing in the second half. For another, they aren't that sure home-building will revive sufficiently. Builders were burned in the recent crunch; they are wary of plunging ahead.
And businessmen are being cautious in planning spending for new plant and equipment a powerful factor in the business cycle. Even if they decide to increase their spending, it could be a year before the plans have a big economic impact.
Economic growth may continue under this scenario but at a slow pace. It would be far too slow to bring a sharp cut in the unemployment rate. A number of analysts are already suggesting that the 1975 tax cuts be reenacted next year.
NEW PROTECTION FOR BORROWERS IS DUE from the Federal Trade Commission. It has set stiff new rules that will govern the consumer finance industry. The proposals attack standard loan contracts that now require consumers to give up certain rights and legal safeguards... if they default on a loan. Such lenders account for half the $185 billion in existing consumer credit.
Creditors couldn't get court orders without informing debtors. Borrowers couldn't be forced to yield all household goods as loan security. Wages couldn't automatically go to the lender.
PRESIDENT FORD WILL ASK CONGRESS FOR A MAJOR REVIEW of the tax laws. The Administration's proposals will probably be announced later this year. They are likely to be far-reaching, focusing on eliminating tax inequities and on insuring the adequacy of Federal government revenues for the future. The White House proposal will also stress increasing funds for business especially for modernizing and expanding plant and for additional research.
Ford is reacting to new government studies revealing low economic growth, compared with other industrial nations. Reason: Much too little of output is being allocated to capital investment. Discounting inflation's impact, 17% of American output was devoted to fixed investment, 1960 to 1973. This compares to 35% in Japan, 24%% in France.
TOUGH ENERGY STANDARDS FOR NEW BUILDINGS ARE BEING PUSHED by the White House. The mandatory curbs would apply to homes and commercial buildings. They have been drawn to save half a million barrels of oil a day by 1985. The new Federal standards would be policed locally through building codes. But first they'd be set by the Department of Housing and Urban Development.
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