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Page 6--Wednesday, May 13, 1981-The Michigan Daily
InIflation. hits the eih
NEW YORK (AP)-Struggling to get
along on $20,000 a year? A new survey
of executives making up to 10 times that
much shows that a big salary is no
guarantee against the worries of in-
The survey shows "executives are
not only genuinely concerned about in-
flation and the erosion of their wealth,
but also are uncertain what steps to
take to preserve it," said Edward
Ryan, a partner in Ernst & Whinney,
the accounting firm that commissioned
THE RESEARCH organization
Audits & Surveys interviewed 200
executives in half a dozen cities with in-
comes ranging from $40,000 to $200,000
Just over half of the executives-55
percent-said they did not expect a
higher standard of living in the future.
More than one-third of this group said
inflation was the reason for their
The median age of the executives was
54. The median annual income was
$88,500-almost four times as much as
the government says it takes for a
family of four to maintain an inter-
mediate or moderate standard of
living. Ninety-seven percent of the
executives surveyed were male and 90
percent were married. The majority
said they were president or vice
president of the company they worked
THE SURVEY found that 14 percent
of the executives-about one in
seven-had absolutely no strategy for
fighting inflation. Twenty-three per-
cent-about one in four-said they were
battling the rising cost of living by cut-.
ting back spending.
Sixty-two percent said they used in-
vestments like real estate, stocks, etc.,
to hedge against higher prices. But 36
percent of the executives had no con-
fidence that the return on their invest-
ments would equal or exceed the rate of
Eleven percent of the executives said
they did not manage to save or invest
any of their income. Another 11 percent
said they saved or invested 10 percent
or less of their annual earnings. And 27
percent said savings and investments
accounted for between 10 percent and
19 percent of their incomes.
DESPITE THEIR financial
problems, the executives indicated they
were satisfied with their jobs. Asked to
rate their job satisfaction on a scale of 1
to 10-with 10 at the top-39 percent
voted for 10; 19 percent gave their jobs
a 9; and 24 percent rated their jobs as 8.
About half of the executives with
children under 21 said they wouldn't
want their sons and daughters to follow
in their footsteps.
pocket unspent funds.
WASHINGTON (AP) - When they
retired in January, some congressmen
gave themselves a going-away gift:
campaign contributions they had
collected for re-election campaigns
they never ran.
Much of the money that went into
their pockets came originally from
special interest groups whose activities
are regulated by Congress.
BUT WHAT THESE former
congressmen have done is not illegal. In
fact, these little-known retirement
375 N. MAPLE 769-1300
Daily Discaunt Matinees
bonuses - which can amount to tens of
thousands of dollars - have been
around for years.
Most veteran congressmen keep their
fund-raising committees active bet-
ween elections, piling up cash for the
next race. Many also use the accounts
as political slush funds to pay for travel
back to their districts, entertainment,
Christmas cards to constitutents, and
other incidental expenses.
Those who lose their re-election fights
usually have spent all they have and
more trying to keep their seats. But
many of those who retire voluntarily
have substantial sums left in their ac-
SOME RETURN MONEY to their
contributors. Some make contributions
to charity or other political candidates.
And some just keep it.
Under federal election law, the only
constraint appears to be paying per-
sonal income taxes. Former
congreemen do not have to say how
they spend the money.
For example, Federal Election
Commission records show that former
Rep. James Hanley (D-N.Y.), chair-
man of the House Post Office and Civil
Service Committee, had almost $40,000
in his campaign fund when he decided
early last year not to run for re-
Since his last campaign, he had
received $36,100 from the political ac-
tion committees of special interest
groups, many of them representing the
public employee unions.
the ann arbor
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