Word: slowdowns
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...signal that helped win Republican support for the tax speedup. In a speech to the Commonwealth Club in San Francisco, Chief of Staff Baker said that the President, despite his "abhorrence" of tax increases, "might consider some acceleration" of the already scheduled payroll tax hikes in exchange for a slowdown in benefits. The statement freed congressional Republicans on the commission, who up till then had been in an impossible position: if they recommended tax increases denounced by Reagan, they would have had to defy the President or later repudiate in Congress their own commission proposal...
...Government workers in the Social Security system, which is less generous than their own retirement system. Business and labor lobbies are expected to try to overturn the advanced increases in payroll taxes, contending that employers and workers are already overburdened with taxes. Senior citizens groups may protest the slowdown of benefit increases. Whatever the pressures on Congress, something must be done to salvage the system before July 1, when it is scheduled to go bankrupt in the absence of remedial legislation...
...steel has kept flooding into the U.S. market, eroding sales for U.S. producers and further tightening the industry's cash squeeze. Last autumn U.S. steelmakers won concessions from European producers, who agreed to limit exports to the U.S. to about 5.5% through 1985. But analysts warn that a slowdown in European exports is more than likely to be offset by rising imports from market-hungry producers elsewhere...
...most encouraging news is the dramatic slowdown in the inflation rate. Consumer prices have been rising so far this year at an annual pace of 4.9%, down from 8.9% in 1981 and 12.4% in 1980. TIME's economists predicted that inflation will remain in the comparatively comfortable 5% range throughout...
Greenspan, who chairs the commission, said at the TIME meeting that the Democrats and Republicans on the Social Security panel were struggling last week to arrive at a compromise plan calling for some tax hikes and a modest slowdown in benefit increases. He put the chances that an agreement will be reached at one in four. If that effort fails, the commission will lay out various options for shoring up Social Security's finances and let Congress decide what to do. One way or another, said Greenspan, "the problem has got to be solved...