Masonry Magazine October 1989 Page. 34
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34 MASONRY-SEPTEMBER OCTOBER, 1989
WASHINGTON WIRE
continued from page 33
volving door, and campaign finance remain to be dealt with. Both parties want to do so, though when they speak of reform they don't always mean the identical thing.
As with many other issues facing Congress these days, the legislators have yet to find a consensus on ethics issues.
CONGRESS AND BUSH ARE STILL GROPING FOR DIRECTION on defense outlays, in reaction to the dramatic changes now in process in U.S.-Soviet relations. Both the legislators and the President see the need to trim expenditures-but they can't reach agreement on what weapons to keep and which to reduce. The Senate has decided to retain the MX missile and to build the Midget-man. The House has cut the MX and killed Midgetman. The B-2 bomber is in limbo.
The President has yet to provide guidance on defense questions. Congress is waiting for a strategy for the new global reality.
PENTAGON PROCUREMENT POLICIES MAY BE IN FOR A RADICAL REVAMPING soon. Congress may approve an experiment to award contracts by quality, not price. A three-year trial, part of a defense authorization bill, passed the Senate. Supporters argue that current rules force the government to ignore quality, and instead buy goods and services from the low bidder, regardless of value.
PROSPECTS ARE IMPROVING FOR THE U.S. ECONOMY TO MAKE a soft landing, avoiding a recession that many analysts were predicting a month or so ago. The economy appears to be somewhat stronger than was previously believed. The important business statistics have suggested a little more zip lately. The latest employment figures have been showing modest underlying strength; payroll jobs have been increasing, while manufacturing jobs are up, too. And retail sales are contributing to this stronger-than-expected picture; volume rose 0.9% in July while sales in both May and June were revised up.
Industrial production has been rising again after three weak months. The increases followed small drops during the spring. Home-building continues to rebound, reacting to lower interest rates. Housing starts are climbing and sales are increasing.
THERE ARE SOME OTHER SOURCES OF LIFT contributing to a better tone. Exports are still growing, though noticeably less strongly than last year. Shipments abroad rose 15% in the first half, as against the year-ago total. New capital spending by business also continues to move moderately higher; surveys indicate that new plant and equipment outlays will rise 6% in 1989. What is more, there is little likelihood of trouble from inventories now, a classic cause of recessions in the past. Any overhang seems manageable. Industry is doing well in working off the scattered excesses that do exist, and without significant reductions in either orders or industrial output.
It's a picture of an economy that is slowing, though still advancing. Economists see few signs of flattening. Real growth of 1% to 2% is doable for the remainder of the year
INFLATION HAS CLEARLY EBBED FROM ITS FIERY PACE at the start of 1989. The Producer Price Index declined for the second consecutive month in July, falling 0.4%. Taking out volatile food and energy, the dip was still 0.2%. The producer price deceleration was greater in