Word: pension
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...bills to Ford's desk, each of which required action. He vetoed the bill designed to get more Indians into the Bureau of Indian Affairs. No wonder: to make room for Indians, the bill offered to retire all non-Indians over the age of 50 at full pension, a precedent that would have caused turmoil in the civil service. Nonetheless, the veto will anger some Indians...
Then there was the private bill for Mrs. Camilla Hester of Foley, Ala. She is a widow who has been unjustly denied a federal pension because of legal complexities. The bill contained a couple of quirks that would establish bad pension precedents. The President felt compelled to reject it with his 61st veto. Mrs. Hester, who has been leaning toward Ford in this campaign, allowed as how she was "disappointed." She seemed understanding. But who knows how Mrs. Hester and her family will vote...
...worried down 90 points since the slide began in mid-September. That represented an 8% drop in share values inside of a month, which translates into a paper loss of $105 billion for the millions of Americans who own stocks directly or through mutual funds and pension funds. Among the biggest losers have been stocks in such basic industries as metals, chemicals and paper, which had been market leaders for most of the year. IBM closed last week at 262, down 20 points since the middle of September. In the same period, Du Pont fell from...
...addition, according to Harold Ehrlich, president of Bernstein-Macaulay, a firm that specializes in managing pension funds, much of Wall Street's hand-wringing over a possible Carter victory is not historically justified. Says Ehrlich: "The market has generally done better under Democrats than Republicans because economic growth under Democrats is usually faster, which has generally meant a faster growth of corporate profits." For example, in the first year of every Democratic Administration since 1948, the stock market rose an average of 15.6%; in the first year of every Republican Administration since then, stocks have declined by an average...
Died. Marion B. Folsom, 82, former Secretary of Health, Education and Welfare in the Eisenhower Administration; in Rochester. As an executive of Eastman Kodak during the 1920s, he was a leading proponent of corporate unemployment and pension plans; the programs he established at Kodak and other Rochester firms became models for the nation. During the Depression, Folsom helped frame federal unemployment programs and the Social Security system, acknowledging that private resources were no longer adequate. His HEW tenure (1955-58) was marked by a greatly expanded budget for programs such as federal aid for school construction...