'Page 16 THE BATTALION
THURSDAY, OCTOBER 29, 1981
Features
Budget cuts may hurt city improvements, services
United Press International
NEW YORK — City dwellers
face a drastic reduction in services
they have come to expect because
of Reagan administration cuts in
federal funding.
“There’s no way out of the bind
and cities will have to cope,’ said
Arthur J. Hausker, senior muni
cipal analyst at Fitch Investors
Service, Inc. “Cities were ex
periencing problems even before
Reaganomics came into effect and
now they’ll find those problems
worsening. ”
Not only are local governments
being forced to postpone or forego
capital improvements or construc
tion, Hausker said, unless they are
willing to pay the bill locally they
also face layoffs of police, firemen,
sanitation men, restrictions on
public library service and schools
among other things.
Fitch Investors Service, one of
the oldest full-service rating agen
cies in the country, hasn’t lowered
its current rating on any of the
municipal issues it lists, but “it is
monitoring all of them closely,”
Hausker said.
“We know the problems and
we re waiting for individual reac
tion to them,” he said. Fitch
doesn’t see temporary budget
problems as a reason to lower the
credit rating on a city or state.
“We look for factors that make a
seemingly permanent change in
the ability to meet debt.”
James J. Lowrey, head of a firm
that advises cities on raising
money, agrees that cities “have
been on a collision course for years
and Reaganomics only accelerated
the process.”
As Lowrey sees it, cities face
two separate problems: “how to
deal with social responsibility to
those who cannot fend for them
selves and the problem of capital
investment which is a prerequisite
to maintaining the quality of life.”
Lowrey said the social factors
pose a problem for politicians and
indeed, he said the politicians
“created the problems in the first
place, driving out the rich with
high taxes and the middle-class
because they let the schools and
the streets deteriorate.
“Now they’ve spent cities into a
corner, and the public is saying
look, we want something done,”
Lowrey said. “The population
won’t blame Reagan for de
teriorating services; they’ll blame
the mayor and the city council.”
Lowrey feels cuts in social prog
rams, although politically and in
some cases morally repugnant,
won’t affect cities’ ability to raise
money and in some cases might
even help their credit rating.
Hausker, although taking a
more liberal view toward social
programs, blames people for “not
becoming outraged about rotten
politics, about waste of their
money. If enough people cared to
affect politicians’ choices it would
make a difference.”
But it won’t make an immediate
difference in the fact that cities
and states are faced with raising
money to pay for needed services.
Hausker said cities whose re
venue sources are not inflation-
sensitive, such as from sales taxes,
and. cities with statutory limita-
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tions on borrowing will be hit har
dest.
High interest rates, lack of in
vestor interest, and competition
with federal and corporate bor
rowers have hindered all but the
best-rated cities from raising long
term money in the bond market.
Lowrey said investors are hesi
tant because “it’s quite evident
courts are not going to say ‘pay the
bondholders, not the police and
firemen.’ If they’re credit con
scious they’re going to stay away
from cities with lower ratings.”
Lowrey also noted, however,
investors “are being compensated
with very high yields for buying
riskier bonds.”
Hausker said long-terminteij
rates won’t come down until
federal deficit is reduced.
doesn’t see this happening^
inflation is brought down and |J
thinks taxes will have to ter
creased to achieve this.
“A win,
“It isn’t the federal progras
such as Social Security, ''
The
iday »
causing the trouble as muchastl w one
escalating cost of programs cai® , it w
by inflation, ” Hausker said, fa S
of th
College women
paid less than
male drop-outs
on saic
j’d b<
stand
the 1
game,
' this
United Press International
NEW YORK — The average
salary of working women with col
lege degrees is less than that of
male high school dropouts, says
Phyllis Harrison, president of tbe
National Federation of Business
and Professional Women’s Clubs.
In a recent survey for the
165,000-member organization,
she found married working
women rarely receive any benefits
from the Social Security taxes they
contribute — and only 21 percent
of the nation’s 41 million working
women are covered by pension
plans.
About 56 percent of all women
with children under the age of 18
are in the labor force, the survey
shows.
More than 16 million women of
child-bearing age are in the coun
try’s labor force, Harrison said,
and more than 70 percent of work
ing women who give birth are re
turning to work.
The greatest increase in (
U. S. labor force over thepaslt river s
cade has come from women!i! but
tween the ages of 20 anddO.I of the
organization’s research shows
Women employed by thelet? isporti
al government make up haKI eRazo
government’s work forcehutkt early
less than 7 percent of the ie Tech
agementlevel jobs.
ire,
th
down
that 1
howdc
ie tear
her ter
nthe p
1975
“It is a national embamssmi
that women have been unable
make any real gains in wages
the past 20 years,” Harrisonh|
“Currently more than halfol^
country’s women are in the
force, with another two mi
women securing jobs every yi
Nevertheless, 65 percent ol
women with fulltime jobs stills
less than $12,000, compared t(
percent of all men with fi
jobs. Nearly 80 percent
country’s working women kl
low-paying clerical,
light factory jobs.”
Unitef
WY(
if the
jeLope
should
egami
service ge rs n
Peanut butter
prices drop
[here’s
rrors, 1
went
i game
nesday
e Doi
ew Y
the
is to t\
United Press International
TIFTON, Ga. — Peanut butter
prices have begun dropping in
some supermarkets across the Un
ited States as manufacturers try to
sell off what’s left of the 1980 supp
ly to make room for the new crop.
Price decreases ranging from
10 to 25 percent in a half-dozen
cities are reported by J. Tyron
Spearman, coordinator of the
Georgia Peanut Commission and a
member of the Peanut Advisory
Board, as manufacturers resume
brand promotional efforts. The
cities are Philadelphia, New York,
Chicago, Boston and San Fran
cisco.
The 1981 peanut harvest is ex
pected to be substantially higher
/opes a
than last year’s weather-daiM Series,
crop. The U.S. Department ds for
Agriculture has raised its estinu id hi
to 1.93 million tons, onlydfi negroi
cent below the record 1979 on lan a 1
and .08 million tons above ®ut in t
year’s.
Growers are less optimists
Bruce Daniels, ofOcilla, Georgi
expects an 80 percent normal sb id the
crop. And James Earl M
president of the Alabama Pe» rfectio
Producers, says Georgia, Alabai tack in
and Florida growers, who prods
61 percent of the nation’s peafflt
are about two weeks behind
harvesting. Mobleys says 4 Rtogetl
southeastern crop did not malm brass ri
as quickly as usual becauseofi® beyhav
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