Masonry Magazine January 1972 Page.33
Washington Wire
(Continued from page 13) has just begun to keep an eye on the profits of financial institutions.
THE PRESIDENT MAY REACH HIS GOAL OF 3% INFLATION or less by year-end. Officials expect some favorable price developments over the next few months. They anticipate a reversal in the recent sharp increases in prices of food. Beef prices have come down a little and pork prices are declining now, too. New car prices haven't risen much because of the Price Commission's freezes; big increases are common in the fourth quarter after new models are shown. Prices for services have been increasing at a more moderate rate recently. Rent increases have been modest. And utility rates have been rising slowly.
An inflation rate of 2.9% or 2.8% is within range for this quarter. That would fall within the 2% to 3% target set by the President months ago. And it would be a solid improvement over the 4.3% rate of increase that last year showed over 1970.
MCAA 1973
MARRIOTT
ALLANTA FEB. 22-28
A CEASE-FIRE IN VIET NAM DOES NOT CHANGE the outlook for the U.S. economy in any significant way. It's been three years since spending for Viet Nam has given any fiscal stimulation to the economy; the war has been winding down since 1969. And peace, by itself, won't bring an end to wage-price controls, really reduce budget deficits or end the need for tax hikes.
The impact will be mainly psychological. There might well be a boost in confidence that could touch off increased spending by consumers and businessmen. And inflationary expectations may be reduced; the public has associated the Viet Nam war with the inflationary surge of the 1960's. Peace might also promote more trade with Russia and China.
EMPLOYERS WILL BE PAYING EVEN BIGGER PAYROLL TAXES, come January 1, than many realize. Congress has just enacted a second major tax increase-this time to finance further Social Security benefits and Medicare coverage. In June, the tax was first raised to meet a 20% hike in retirement benefits. Next year the Social Security tax rate goes up to a maximum of $631.80 -from this year's top of $468. Further increases will occur in future years.
The tax rate in 1973 will total 5.85% on the first $10,800 of a worker's income, in contrast to this year's tax rate of 5.2% on the first $9,000 of earnings. Both employers and employees must pay these increased taxes on an equal basis.
FIRMS CITED FOR SAFETY OR HEALTH VIOLATIONS MAY FIND APPEAL worthwhile. The Occupational Safety and Health Review Commission is hearing all appeals. Of 390 appeals heard so far, the Commission lowered penalties in 88 cases. What's more, an appeal permits delays in correcting alleged safety hazards.
The three-man Commission has made some rulings favorable to employers. It has decided that an on-the-job death is not proof of a safety violation. Another ruling insists that employees must use safety equipment issued them by firms.
COPPER PRICES MAY BE RISING SOON as demand gains around the world. Copper quotes have fluctuated since early 1971, but have come down lately. U.S. concerns are charging 50 cents per pound, down from 52 cents in August. And on the world market, the price is 47 cents a pound, down about 3 cents. But improving economic conditions are steadily increasing the use of copper. Stocks of refined metal are being whittled down, and consumption is growing.
So a copper price boost might be in the cards before the year is over or certainly in the early part of next year.
COMPANIES WILL SOON BE PAYING STEEPER FREIGHT RATES to ship by rail. The Interstate Commerce Commission has okayed the ninth boost in five years. It decided the latest round was justified because of recent labor contracts, which provide railroad employees with wage increases of 42% over 42 months. The lines will be allowed to file for increases of up to 6% on most items.
MAYCO C-30
SMALL LINE CONCRETE PUMP
Will handle 1/2"
minus aggregate.
Ideal for pumping high-lift
grout and masonry mortar.
Will pump stiff mixes 400-500′
horizontally and 100' vertically.
MAYCO PUMP CORP.
4560 SPERRY ST., L.A. 90039 (213) 245-8821
masonry • November/December, 1972
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