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Senate committee examines short-term economic plan
The Associated Press
WASHINGTON — An economic stimulus plan including tax cuts should be temporary to guard against negative long-term consequences but would be most effective if it totaled about $100 billion, two key senators said yesterday after meeting with Federal Reserve Chairman Alan Greenspan.
In a private session with the Senate Finance Committee, which included former Treasury Secretary Robert Rubin, Greenspan said a stimulus amounting to 1 percent of the nation's gross domestic product, or up to $100 billion, would be a proper benchmark, according to senators and aides who attended.
$100 billion was in addition to those measures, but a source speaking on condition of anonymity said that was not the case.
Rubin and Greenspan intended that figure to include actions already taken by Congress since the Sept. 11 terrorist attacks, which include a $40 billion emergency spending plan and $15 billion in airline aid. Some senators had suggested the
There was general agreement among the Democrats and Republicans that any stimulus should be temporary — perhaps limited to a year or two — to guard against negative long-term effects such as federal budget deficits and higher long-term home mortgage rates.
Many Republicans, particularly in the House, are eager to move ahead with a stimulus plan as early as next week as the economy struggles in the aftermath of the terrorist attacks. Democratic leaders continue to stress Greenspan's wait-and-see approach.
"I think everybody is willing to wait a week or two," said Senate Minority Leader Trent Lott, R-Miss. "There's also a feeling by a lot of us that we're going to have to put a little more juice in the economy with some sort of stimulus."
At the White House, spokesman Ari Fleischer said whether to proceed with a stimulus plan remains under review.
Even with the go-slow approach, there is no shortage of options suggested by Republicans and Democrats, including some spending proposals.
Republicans have focused on items such as cuts in capital gains taxes on investments, accelerated depreciation for business, more generous expensing writeoffs for small business, cuts in corporate tax rates and making parts of the just-enacted tax cut take effect more quickly.
Among the Democratic ideas are an extension of unemployment benefits, temporary suspension of payroll taxes, a new round of tax rebate checks focused on those who didn't qualify for a check this summer and helping people pay for health insurance plans.
Boeing Wichita faces bleak future job cuts inevitable after terrorism
The Associated Press
WICHITA - Thousands of Boeing Co. subcontractors and suppliers in southeast Kansas and around the country could take an economic hit as the airplane manufacturer slows production and lays workers off.
Boeing announced the slowdown in the wake of the Sept. 11 terrorist attacks, which reduced the demand for air travel and saw the industry's stocks plummet.
About 20,000 to 30,000 layoffs companywide are planned by the end of next year. No word has been given about the number of cuts to be made at Boeing Wichita, which has more than 17,000 employees.
Last year, Boeing Wichita spent nearly $300 million with suppliers, subcontractors and others.
When Boeing laid off Wichita
workers in the 1990s, subcontractors followed suit, said Janet Nickel Harrah, executive director of Wichita State University's Center for Economic Development and Business Research.
"I would expect to see that we'll take a hit on employment numbers," Harrah said of the current situation.
Wichita subcontractors were expecting a slowdown at Boeing even before the attacks.
"We knew that Boeing was going to cut," said Tim Farrell, owner of Weaver Manufacturing, which employs about 100 people. "We've been out looking for other work."
About half of Weaver's work — machining detail parts and assemblies — is for Boeing, but Farrell said the company was diversified and did not expect to lay workers off.
Doug Donaghue, controller for Brittain Machine Inc. in Wichita, said the company also expected Boeing to slow production before last week's attacks.
"This creates such an unknown that I think even Boeing is struggling to determine what they're ultimately going to do," Donaghue said.
A tight labor market meant the company was operating with fewer people than it would have liked before the downturn, and Donaghue said he was not expecting job cuts.
Brittain Machine's plan is to offset any potential decline with work on military contracts, he said.
Farrell said the aviation business had always been cyclical.
"We as subcontractors to Boeing have to understand that," he said.
Associated Press Writer
Card writers struggle after attacks
For more than a decade, Alanie Tennille's prose has filled Hallmark greeting cards designed to help people celebrate and to mourn.
These days, the words aren't coming so easily for her and her coworkers at the Kansas City. Mob-based company as they try to maintain a strange balance: composing cards to commemorate the coming holiday season, while trying to deal with their own heartache.
"We are as wounded as most people in the country. It's overwhelming to try to write something to show sympathy and support when you're grieving yourself," Tennille, 49, said Thursday, struggling to write a Christmas card. "It's a little difficult to think of the jolly side of life."
Like the rest of America, the folks behind the cards for all occasions were stunned as they watched the Sept. 11 terrorist attacks play out on television.
"It was so horrible," said Ingerlene Embry, 27, an editor at Hallmark Cards Inc. "But I had to keep watching and watching."
Managers told workers who thought they needed to be with their families to head home.
"It is hard to concentrate on work now," said editorial director Jamie Karson.
A day after the attacks, Hallmark asked its cardwriters to post inspirational passages on the company's Web site. Tennille offered a poem about angels, originally written to herald a friend who helped her after her mother's death.
It read: "They performed their acts in human guise, sometimes borrowing the faces of family and friends, sometimes posing as well-meaning strangers. You have known them, too, when just the right word was needed, when a tiny act of kindness made a great difference."
Embry wanted to let all those touched directly by the tragedy know that the rest of the country also was suffering.
"The hearts of many who you may never know are going out to you, are breaking for you," Embry wrote. "You are my sister, my brother, my neighbor, my countryman, my friend. And you are in my prayers, you are in our thoughts, and we are with you, behind you. You are not alone."
FRESHMEN Want to get involved? BOCO
Board of Class Officers ELECTIONS
President - Vice President - Secretary - Treasurer
- Applications availabie 4th floor Kansas Union
- Applications available in the O & L Office 4th floor Kansas Union
- Applications due Tuesday, October 2, 2001 4:00 PM in the O & L Office
- Mandatory meeting Tuesday, October 2, 2001
- Mandatory meeting Tuesday, October 2.
4:00 PM, English Room, 6th floor Kansas Union
- Elections to be held Wednesday, October 10, 10:00 AM to 3:00 PM
- For more info contact Jeremy Brooks: meremyb@hotmail.com