Those Poor Brokers

In its trek from one minisummit to another, the Ford Administration has so far come upon some gales of disagreement and clouds of anger, but few fresh ideas on how to deal with the nation's troubled economy. The series of eleven meetings with representatives of various segments of the economy will culminate in a two-day National Conference on Inflation in Washington, B.C., at week's end. Chances of achieving a broad-based consensus for action are dim. The continuing gulf between White House conservatives and their critics (who do not have many imaginative ideas either) was hardly narrowed last week when Alan Greenspan, chairman of the Council of Economic Advisers, drew boos and hisses after telling a gathering of union leaders and representatives of black, poor, aged and handicapped people that "percentage-wise," Wall Street brokers were the biggest losers of income in the present economic decline.

The chance remark came in answer to criticism of the Administration's restrictive economic policies during a minisummit on social services held at the Department of Health, Education and Welfare. Arguing against cuts in social services, Jerry Wurf, fiery president of the State, County and Municipal Employees Union, charged that Government policies aim to shunt most of the burden of fighting inflation on the poor. Replying that everyone is hurt by inflation, Greenspan said: "If you really wanted to examine, percentagewise, who is hurt most in their incomes, it is the Wall Street brokers."

Hardly Placid. Greenspan had something of a point. The stock market's slump has dried up commissions and devastated the brokerage business. Last year the number of registered representatives shrank from 40,000 to 36,000, and layoffs have accelerated gravely since then. Many salesmen are forced to take part-time jobs as bartenders, models and retail clerks. Yet understandably, Greenspan's remark touched sensitive nerves.

The other highlight of the meeting was a set of proposals for Government action to rein in runaway health-care costs. The proposals, by Wilber J. Cohen, a former Secretary of HEW, included: 1) setting fixed rates for doctors' charges for specific services, and 2) forcing public disclosure of the money that a doctor collects from federal and state medical-aid programs if the total exceeds $50,000. Finally, 16 major labor and civic groups resolved that, "Under no circumstances should funds for human social services be reduced."

While less volatile, the other minisummits have thus far been hardly placid. Each economic group has concentrated almost exclusively on its own interests. Businessmen asked for more generous depreciation allowances, fewer environmental controls and an easing of federal safety rules on the job. Many farmers demanded a return to subsidies. Builders wanted lower interest rates and more mortgage money. Union leaders called for higher wages and more federal spending to generate jobs. "I've heard a great deal about belt tightening, but the trouble is, everybody wants to tighten someone else's belt," cracks Congressman Thomas S. Foley, a Democrat from Washington State.

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