Masonry Magazine April 1987 Page. 28
WASHINGTON WIRE
Congressional leaders are now shooting for a bipartisan approach. Democrats and Republicans want to produce a bill the President can accept. This means the plan can't be littered with relief for specific industries. The Senate proposal would require retaliation against countries, not goods. Retaliation would focus on nations which won't open markets to U.S. exports. The President would have to consult with Congress on trade-policy matters. In return, he would keep the power for quick approval of trade agreements.
The challenge is to bar relief for specific industries. The drive will fail if it tries to deal with too many foreign-trade issues, or if it includes provisions that are vulnerable to a protectionist label. But whether a clean bill can actually be achieved is unclear. There is pressure for automatic retaliation and help for key lines.
CATASTROPHIC HEALTH COVERAGE FOR THE ELDERLY IS SURE to be enacted, now that President Reagan has come out in support of expansion of Medicare. In return, Medicare would cover an unlimited number of days in a hospital, and a beneficiary's out-of-pocket payment would be limited to $2000 a year.
But the President's proposal will not clear Congress without controversy. Some don't believe the plan goes far enough; others think it goes too far. The elderly are concerned because the plan doesn't cover home care. Conservatives call it intrusion on the private sector.
CONGRESS IS CONSIDERING A PLAN FOR THE USE OF IRAS to finance homes. Bills in both houses would allow IRA withdrawals without penalty to buyers. However, the legislation would apply only to first-time purchase of a home. As matters stand, the withdrawal of funds before age 59½ brings penalties. Many families have enough funds in IRAs to manage down payments on homes, but they cannot withdraw the money without being subject to a 10% penalty.
Backers of a change see no distinction between investing in housing and stocks-pointing out that many
tion fell, capital spending deteriorated and joblessness rose. And Japan's economy hasn't performed at an acceptable level, either; its advance is far below the rapid pace of recent years.
CORPORATE-PROFIT REPORTS HAVE BEEN A LITTLE DISAPPOINTING so far in 1987, and that in the view of a number of analysts-calls into doubt the vigor of one of the main forces behind the stock market's recent meteoric rise. (Another: The enormous amounts of money pouring in from here and abroad.) Some companies are doing fine, but there are declines, as well.
Analysts-both in Washington and on Wall Street-are all but unanimous in forecasting better earnings. Good sales and recent intense cost-cutting assure some improvement. But it would require real vigor to match early optimism.
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28 MASONRY-MARCH/APRIL, 1987