Mirror - Vol. 13, No. 12 - January 26, 1989

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FairfieldMIRRORV Volume 13, No. 12 A Commitment to Quality Thursday, January 26, 1989 "A Kinder, Gentler Newspaper"
Corporations Award Challenge Grants to Fairfield
$750,000 Donated to Assist Fairfield Students
PR- The Carl and Dorothy
Bennett Foundation ofGreenwhich
has awarded a $250,000 challange
gift to Fairfield University for
scholarship aid to needy students,
it was announced by the Rev.
Aloysius P. Kelley, S.J., Univer-sity
President.
With a goal of raising
$5000,000, the Bennett Founda-tion
has offered to match dollar for
dollar any gifts up to $250,000 for
addition to the Carl and Dorothy
Bennett Scholarship Fund. The
Bennett Foundation previously
presented Fairfield University with
a total of $200,000 in gifts which
will be merged to create a $700,000
endowment fund.
Father Kelley commented,
"The scholarship fund will enable
worthy students who will benefit
from a Fairfield University educa-tion
to enroll regardless of their
financial difficulties."
Headded that as anendowed
fund, "The gift will provide con-tinuing
support for future genera-tions
ofFairfield University and as
a challenge will encourage Uni-versity
alumni and parents to join
in assisting Fairfield in meeting
one of its most urgent priorities."
Mr. and Mrs. Bennett have
been active in many local and na-tional
charitable organizations.
Mrs. Bennett has been a member
of the University's Board of Trus-tees
since 1980.
Their gift joins three other
recent grants of $250,000 each to
assist Fairfield's efforts to provide
financial aid to students. The Louis
Calder Foundation in New York
awarded a $250,000 challenge
grant to establish an endowed
scholarship fund for economically
disadvantaged students form New
York City. Fairfield will raise
$500,000 to match this grant two
to one and ultimately create a
$750,000 fund.
In addition, Citytrust, based
in Bridgeport, has provided a grant
of $250,000 to endow a scholar-ship
for minority students from
Bridgeport and John V. Brennan,
President of U.S. Aviation Under-writers,
Inc. of New York, has
provided a gift of $250,000 to
endow a scholarship for minority
students from New York City.
Father Kelley noted that the
support provided to the Univer-sity's
financial aid funds "address
the needs of society for individuals
who have strong, liberal educa-tions
by encouraging students to
enroll at Fairfield University."
Fairfield is receiving the
grants at a time when rising costs
are placing added difficulties on
students who hope to attend Fair-field.
Between 1983 and 1988,
Fairfield increased its financial aid
to students from $1.3 million to
over $3.7 million. However, Fa-ther
Kelley said, "The University
is unable to bridge the gap caused
by rising tuition and decreasing
federal support for financial aid
without added support."
Increasing financial aid is a
priority of the Campaign for Fair-field,
the University's capital
campaign designed to raise $35
million for a variety of projects
including a new arts center, chapel,
faculty research, library acquisi-tions
and the purchase of comput-ers,
science and media equippment.
The campaign will seek $7 million
for financial aid.
Fauntroy Lecture Honors Dr. Martin Luther King, Jr.
PR- Walter Fauntroy, U.S.
Representative fromthe District of
Columbia, warned last Wednes-day
evening that the nation faces
an uncertain financial future domi-nated
by foreign interests if the
incoming Bush administration does
not change public policies.
Fauntroy, an 18-year vet-eran
of the House and a ranking
member of the Banking, Finance
and Urban Affairs Committee, said
in a Dr. Martin Luther King Jr.
observance speech in the Campus
Center Oak Room that if the U.S.
does not reduce the budget and
trade deficits that "We will all live
on a vast plantation called Amer-ica
owned by foreign investors and
foreign corporations and we will
all be as high as kites on drugs."
Acoordinator with Dr. King
of the famous Selma to Montgom-ery
civil rights march in 1965,
Fauntroy expressed optimism that
President-elect George Bush will
act to bring about the "kinder and
gentler America."
Speaking about civil rights
issues, Fauntroy said, "Bush
sounds as if he means to enforce
them. Generally, Bush has not
been a full supporter of Reagan's
retreat on civil rights.IknowBush
could not complain publicly. For
the time being, I have a slightly
greater hope that he will deal with
the issues."
Fauntroy said that the na-tion
has seen the flight of jobs
overseas in labor intensive. The
U.S. has also sent money overseas
into the hands of foreign interests
in the form of the current $200
billion trade deficit and the interest
on the $2.3 trillion budget deficit.
The foreigners are turning around
and buying up America, according
to Fauntroy.
"As America's standard of
living drops, tension will increase
among blacks, whites, browns, and
yellows," Fauntroy cautioned.
Fauntroy sarcastically
chided that government policies
under Reagan have been based on
three assumptions: the poor have
too much money, the rich have too
little money and problems abroad
can be solved miljtarily.
"Blacks are not the enemy
and bussing is not the issue," Faun-troy
said. He added that American
capital has been exported to
cheaper labor markets abroad and
low corporate tax rates have made
major American companies good
buys for foreign investors.
Fauntroy said that reducing
the twin deficits is simple; increase
income and cut spending, but that
this must be done without punish-ing
the poor through cuts in social
programs that are the hope of the
future.
He suggested reimposing
taxes on the rich, "who got away
with murder for eight years," and
charging our allies for use of
American defense forces in order
Walter Fauntroy PR Photo
to reduce the debt.
Fauntroy said that the U.S.
is in danger ofbecoming as corrupt
as Latin American countries from
the influence of drug money and
bribes.
Economic Symposium Discusses Future Outlook for CT
PR- Connecticut's econ-omy
will grow by 2.5 to 3 percent
in 1989, Nicholas S. Perna, Vice
President and Chief Economist of
Connecticut National Bank, told
some 200 participants at the 5th
Annual Economic Symposium at
Fairfield University.
Sponsored by the Univer-sity
and the Bridgeport Regional
Business Council, the symposium
also heard Gov. William O'Neill
declare that tax increases will be
needed to eliminate the state's
budget deficit. The governor said
business has done well in recent
years in Connecticut and will have
to pay its fair share of taxes but
"will not be a target." He expected
taxes on business to be increased
"across the board for equity."
As keynote speaker for the
symposium, Perna compared the
state's economy to a driver speed-ing
at 70 miles per hour and then
braking to 55. "The car seems to
be coming to a stop but is actually
moving at the same pace as other
cars." He explained that Connecti-cut's
economy has been outper-forming
the rest of the country but
will be at the same pace as other
states in 1989.
Perna said the odds are 60-
40 that the nation will avoid a
recession this year but if it were to
come, it would be similar to the
eight recessions since World War
U. He said it would last about a
year and would not slide into a
depression because of the safe-guards
built into the economy since
the 1930s.
Perna said the economy
would not fall into a recession if
the inflation rate does not exceed 5
percent, as measured by the con-sumer
price index; Gross National
Product growth slows to 2 to 2.5
percent; and the Bush administra-tion
and Congress reduce the defi-cit
$25 billion to $30 billion in
each of the next 3 to 5 years.
He suggested cutting the
deficit by raising the gasoline tax
by 10 cents and increasing ciga-rette
taxes. In addition, he said that
if taxes had to be increased, he
preferred a value added tax on
spending.
Looking at the bright side
for Connecticut, Perna said per-sonal
income will grow about 7.5
percent and the state will continue
to benefit from the current lower
dollar exchange rate because of
high manufacturing exports. He
added that employment will rise 2
percent and noted that Connecticut
has made "tremendous productiv-ity
gains" to offset its labor short-age.
According to Perna, the
Connecticut defense industry—
largely tied in to jet engines—will
be able to make an easy switch
from military to civilian produc-tion
if necessary since airlines will
need to replace aging aircrafts
through the end of the century.
. The symposium also heard
Frederick K. Biebel, President of
the Connecticut World Trade As-sociation,
report that the state is
now the top exporter in the country
on a per capita basis with one out of
seven employees involved in in-ternational
trade.
The symposium also heard
Louis J. Auletta, President ofBauer
Aerospace in Farmington, urge
small business to travel. "Under-stand
your customers; be part of
their society." He has travelled to
30 countries and welcomes for-eign
business associates to his
home.
Andrew A. Brecher, acting
Commissioner for Uniformity in
the State Department ofEconomic
Development explained that the
state has offices in Frankfurt, Ger-many,
and in Tokyo to help busi-nesses
interested in overseas trade.
He said Connecticut's small busi-nesses
are ideal exporters with
products ranging frombicycles and
latex foam to artificial fingernails.
3 Five Com-mandments
of
Interviewing
5 Understand-ing
Body Language
7 Stag - Her
Out?
9 Happenings
12 Press Box