News stories from Wednesday September 30, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The test of the President's program begins tomorrow as most of the budget and tax reductions pressed by the Reagan administration begin taking effect at the start of the new fiscal year. There are strong indications that most states will not increase their spending to compensate for the loss of substantial federal funds. The poor, and especially the working poor, will feel the economic pinch most.
The impact of federal cuts in welfare, food stamp and Medicaid programs will be delayed at least temporarily for more than 40,000 families in New York. The cuts were to have gone into effect Oct 1., but the state has asked the federal government for a delay of three to six months until the legislature can amend the laws to conform with changes on eligibility in the programs.
[New York Times] - The lure of tax-exempt savings certificates, which go on sale Friday, is expected to be far greater than originally predicted. Financial specialists say that the new program offered by banks and thrift institutions will attract very large funds and a substantial tax loss for the government. [New York Times]
- Higher postal rates were approved for the second time this year by the United States Postal Service as it overruled the Postal Rate Commission for the first time. On Nov. 1, the price of a first-class letter is to rise by 2 cents, to 29 cents. [New York Times]
- Higher milk price supports that could cost $1 million more each day become law tomorrow despite a last-minute challenge by the White House. The 1977 farm law expires tonight, and until a new one takes effect, dairy products will be supported at 75 percent of parity instead of the 70 percent set by the Senate two weeks ago at President Reagan's request. [New York Times]
- In a $60 million bungle, Social Security checks have been routinely mailed for years to about 8,000 dead people, according to federal officials. In one case, $63,000 was sent to relatives of a beneficiary for 14 years. [New York Times]
- Design errors at a nuclear plant north of Los Angeles have prompted the widening of a federal investigation to include five key reactor safety systems. A member of the Nuclear Regulatory Commission said that the problems at the Diablo Canyon power facility of the Pacific Gas and Electric Company involved not only one reactor, but also a second reactor that is still under construction. [New York Times]
- A presidential foreign policy victory was provided by the Senate. By voice vote, it approved the repeal of a statute that prohibits the United States from aiding rebels fighting the Marxist regime in Angola. An attempt by liberal Democrats to make the repeal contingent on progress toward peace in southern Africa was defeated by a vote of 66 to 29. [New York Times]
- Unilateral nuclear disarmament was urged by a large majority of Britain's Laborites. The opposition-party members called for the closing of all American nuclear bases on British soil or in British waters. [New York Times]
- Disarray over a Saudi plane sale was reflected at the White House. It put off until tomorrow formal notification to Congress of its plan to sell the advanced radar planes to Saudi Arabia amid reports that the Saudis had agreed to some adjustments in arrangements for controlling them. [New York Times]
- Four Iranian military leaders died in an air crash near Teheran. Details were not disclosed. The four, who included the Defense Minister and acting Chief of Staff, played key roles in the prosecution of Iran's year-old war with Iraq. [New York Times]
- Moscow proposed to Washington in the recent talks between Foreign Minister Gromyko and Secretary of State Haig that the two countries agree to preserve military parity. A senior State Department official disclosed the Soviet offer in providing additional details on the nine hours of discussions in New York. [New York Times]
- Taiwan rejected a Peking offer of talks aimed at sharing power in a unified China. The Nationalists asserted that the Communists' proposal was a propaganda ploy. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 849.96 (+2.07, +0.24%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| September 29, 1981 | 847.89 | 115.94 | 49.79 |
| September 28, 1981 | 842.56 | 115.53 | 61.32 |
| September 25, 1981 | 824.01 | 112.77 | 54.39 |
| September 24, 1981 | 835.14 | 115.01 | 48.88 |
| September 23, 1981 | 840.94 | 115.65 | 52.69 |
| September 22, 1981 | 845.70 | 116.68 | 46.81 |
| September 21, 1981 | 846.56 | 117.24 | 44.56 |
| September 18, 1981 | 836.19 | 116.25 | 47.34 |
| September 17, 1981 | 840.09 | 117.15 | 48.29 |
| September 16, 1981 | 851.60 | 118.87 | 43.62 |