Masonry Magazine April 1972 Page. 22
Washington Wire
(Continued from page 21)
THE ADMINISTRATION HAS TAKEN SOME MODEST STEPS toward toughness on price controls, to quiet the unrest among voters in this election year. Quotas on meat imports have now been increased to allow for more supply. The Price Commission has lowered the limits on "term unit pricing" rules, the average percentage increase a firm can make on its whole product line. And it has stepped up its scrutiny of the small and medium-sized companies.
But officials are fearful that these actions may not prove enough these steps won't assure that the President's goal of 2-3% inflation will be reached. The voters could turn hostile in November if prices aren't under firmer government control.
OFFICIALS ARE WORRIED ABOUT THE BIG OVER-WITHHOLDING of income taxes. They think it is one critical reason why the consumer is not spending more. And it could foreshadow trouble for next year when the economy is booming. Taxpayers will then be getting huge refunds when stimulation isn't wanted. Over-withholding is a reason revenue is $1 billion a month above estimates.
The government wants workers to increase their exemptions. Each family with only one wage-earner should claim more. As they do so, the impact should ebb. But, for now, though, all the tax over-withholding is producing some unexpected side effects. The $38.8 billion budget deficit projected for the current fiscal year will be substantially lower.
ACTION TO INCREASE THE MINIMUM WAGE IS PRACTICALLY ASSURED this year. Legislation hiking the wage floors is advancing in both houses of Congress. The Senate is now working on a two-stage increase in the hourly pay floor. The first jump to $2 an hour-would come 60 days after the bill's passage. The second increase -to $2.20 an hour-would follow a year after the first. This two-stage increase would apply to 34 million employees of large firms. A longer timetable would be used for 11 million workers at small companies.
The House is working on a one-stage jump in the current $1.60 minimum. It calls for a hike ike to $2 six weeks after passage.
The Administration has fought a minimum wage boost of even $2 an hour on the ground that employers merely eliminate jobs as the pay floor goes higher. But Congressional Democrats are expected to push through an increase of about $2 an hour.
PRODUCTIVITY BARGAINING IS BEING FOSTERED by the Nixon Administration. (This is where the unions exchange outmoded work rules for other benefits.) Officials point to the success of this pattern in the rail and dock talks. Labor Secretary James Hodgson says there will be more use of this approach. It is a good way to make collective bargaining work toward national goals. (Continued on page 29)
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masonry • April, 1972
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