Masonry Magazine February 1989 Page. 38
RESCUE OF THE SAVINGS AND LOAN INDUSTRY
RESCUE OF THE SAVINGS AND LOAN INDUSTRY is another priority for Bush. The insurance system for all S&L depositors will require a costly bail-out. And the deposit-insurance crisis will have explosive budgetary implications. Closing down insolvent S&L could cost the government at least $30 billion-and some experts are predicting that the figure could go up to $100 billion. Several specific proposals are under consideration by Bush and the Congress.
But all of these schemes involve some funding from the American taxpayer... making this a hot political issue.
LOOK FOR THE BUSH ADMINISTRATION TO GO OVER MEDICARE
LOOK FOR THE BUSH ADMINISTRATION TO GO OVER MEDICARE for budget cuts. President Reagan's budget for fiscal 1990 cuts Medicare outlays $5 billion. And the new President seems likely to embrace most-if not all of the cuts. The new administration won't overhaul the elderly health-insurance program. Instead, it may simply plan to pare payments to some health-care providers.
The proposal will be fought in Congress by hospitals and doctors, who say current fee schedules aren't adequate.
CONGRESS MAY WELL ALTER THE TAX LAW
CONGRESS MAY WELL ALTER THE TAX LAW to discourage takeover borrowing. There appears to be fast-growing bipartisan support for restraining buyouts. Lawmakers say extensive corporate borrowing poses problems for the economy, especially if a recession were to get under way. Like indebted consumers, businesses could face increasing difficulties in making their dept payments. The tax laws provide substantial incentives to borrow, despite some reform. Borrowing by business rose to $170 billion in 1988 from $43 billion in 1984.
Legislators will be looking at one key provision of the law allowing companies to deduct interest they pay to bondholders. Companies can't deduct dividends paid to their shareholders.
EXPECT SOME MAJOR CHANGES IN ANTITRUST ENFORCEMENT
EXPECT SOME MAJOR CHANGES IN ANTITRUST ENFORCEMENT this coming year. President Bush is likely to be a little tougher on mergers than Reagan was. The Department of Justice will also feel pressure from Congress for action. Reagan's hands-off policy is blamed for the rush of big corporate mergers. The new President is expected to take a middle ground on such enforcement.
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38 MASONRY-JANUARY/FEBRUARY, 1989