Word: hike
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Mabus announced that his first business will be to raise the pay of schoolteachers to the average of the other states in the Southeast, $23,100. That will cost the state close to $165 million, and he proposed, perhaps unrealistically, to fund the hike without raising taxes. His brashness alone might go a long way toward restoring his state's pride. When asked which state would serve as his model for education reform and economic development, he replied, "The one state that people ought to look at is Mississippi. We're gonna be an inspiration...
...three years by freezing the annual cost-of-living adjustments for Social Security payments. That is not likely: just last year, when the Consumer Price Index failed to rise by 3%, the amount necessary to trigger a cost-of-living increase, Congress went ahead and voted an $8.6 billion hike anyway...
Nevertheless, 50% of those surveyed said a tax hike will be necessary to reduce the federal budget deficit...
...decisive actions. But critics like Paul Craig Roberts of Washington's Center for Strategic and International Studies charge that Greenspan also helped cause last week's market disaster. They note that back on Sept. 4, Greenspan's first important move as Fed chief was to push successfully for a hike in the bellwether discount rate, the interest that the Fed charges on funds lent to financial institutions, from 5 1/2% to 6%. It was the first such increase in nearly 3 1/2 years...
Greenspan justified the rate hike as a move against potential inflationary pressures, which indeed it was. But for investors, any increase in interest rates makes stocks less attractive, since higher returns become available for bonds, Treasury bills and other fixed-income securities. During the two trading days after the Fed announced its decision, the Dow Jones industrial average dropped 54 points. Admits Gramley: "A common problem is the markets do not understand Alan Greenspan's statements. He needed to express ((the Fed's decision)) more clearly...