Friday, September 27,1974
University Daily Kansan
ชนิด สุดท้าย
---
Division of inflation cost debated
From the Associated Press
The question was raised repeatedly during the 10 presummit meetings, especially by representatives of poor, elderly and fixed-income groups who think they already have been hurt enough by inflation.
WASHINGTON - On the day of President Ford's economic summit, the central question remains: Who should pay the costs of fufiting inflation?
They are not the only ones who have suffered, however. Alan Greenspan, the chairman of the Federal Reserve, Economic Advisers, recently cited at one conference the plight of Wall Street.
☆ ☆
Statistically, Greenspan said, Wall Street has been hit the hardest by infertility.
The New York Stock Exchange estimates that the market value of stocks registered on the Big Board has declined by $323 billion since 1972; more than one-third of the total market value of the stocks listed on the exchange.
The housing industry is in its most depressed state in years. Housing starts are about half of what they were a year ago, Infantation has cut wage earners' real income by 20 percent in the past year. Food prices are nearly 10 per cent higher than a year ago.
White House Press Secretary Ron Nessen
The index, designed to predict the future course of the economy, projected higher unemployment, further stagnation in an already depressed construction industry and a transition of the productive capacity necessary to curtail inflationary product shortages.
The gloomy projection was echoed in the testimony of the President's chief economic adviser, Alan Greenspan, who told Congress 'Joint Economic Committee that any significant relief from rising food prices would have to await next year's harvest.
Greenspan, chairman of the Council of Economic Advisors, also said the effects of higher oil prices would continue to be felt because the leveling off of petroleum prices.
WASHINGTON - Hours before today's opening of President Ford's economic summit, the government reported that its largest monthly drop of the year.
The over-all drop in the index for August was 1.2 per cent, reversing a 1.9 per cent increase.
Earlier this month, the government
Nessen also said possible tax cuts for lower bracket wage-earners were under study, but that any cuts presumably would have to be offset elsewhere to preserve the balanced budget Ford plans to present in January.
Economic problems grow as summit meeting begins
At the presuments, some representatives proposed budget cuts in the Department of Health, Education and Welfare—a move that would mean less money for social programs, including welfare and health benefits.
said Thursday that Ford had made no decision on possibly reviving wage-price guidelines, but remained adamantly opposed to controls.
reported a near-record jump in wholesale prices, the biggest monthly rise in consumer prices in a year and a record month. This is primarily by the high cost of imported oil
Against this backdrop, economists, politicians, labor leaders and industrialists tackle today and tomorrow to review policies in the financial services sector meetings to combat inflation and the stagnating economy. Summit directors hope the participants will be able to focus on policy measures that are needed.
The economic future is likely to be even worse than the report predicted because the index is infected by inflated prices that can drop in the real volume of goods involved.
Those available options include some sort of tax relief for people at the lower end of the economic scale and more federal support for home loans.
The index was computed from information gathered by the Department of Compu-
tion.
Nessen said L. William Seidman, executive director of the summit, reported general agreement among those at the summit that "if it weren't the principal cause of inflation then a wage price spiral could be a real problem if something wasn't done soon."
From the Associated Press
Chairman Arthur Burns of the Federal Reserve Board has urged the creation of a public service employment program that would create 400,000 jobs at a cost of $4 billion, to be triggered when the employment rate hits 6 per cent.
The program, however, is opposed by some people within the administration, including Treasury Secretary William E. Simon and White House Economic Councils. Both of them. They assert the program would be too costly and would in itself fuel inflation.
The report also showed that the strongest downward pressure on the index came from slumping stock prices, which sagged even further when the news hit the market.
If the Pentagon budget were cut, it could mean a higher unemployment in the defense industry.
Even without budget cuts, the administration expects a steady rise in unemployment from the current 5.4 per cent rate to about 6 per cent.
Ford is expected to attend nearly all of the summit meeting, said Nessen.
WASHINGTON—Nelson Rockefeller was criticized Thursday by Senate witnesses who claimed his wealth and his handling of such issues as abortion and the Attica prison revolt make him unfit for the vice presidency.
Members of the Senate Rules and Administration Committee, who reportedly are ready to recommend Rockefeller's confirmation, asked questions and gave no indication the criticism would change their positions.
Angela Davis, a co-chairman of the National Alliance Against Racial and Political Repression, called Attica one of the most sacredaces in the history of the United States.
From the Associated Press
Representatives of anti-abortion groups said Rockefeller's anti-abortion governor of Iowa had written to him about what they called "permissive abortion." They said his confirmation by the House and Senate would be a signal that the United States was officially condoned abortion on demand.
The Senate is scheduled to act on the continuing resolution Monday. Differences will be subject to House and Senate agreement.
She said Rockefeller was responsible for the 43 deaths and 80 injuries that occurred in the crash.
Witnesses criticize Rockefeller's record
Scott and Senate Majority Leader Mike Mansfield said the Senate would then act on a sharply reduced and restrictive foreign aid authorization bill for this year. The bill is supported by a majority of the Senate Foreign Relations Committee.
Ford asks congressional leaders to turn back foreign-aid restraints
Another witness, Sen. Jesse Helms, R-N.C., told the Senate he did not believe that Rockefeller as a public official could divorce himself from his family dynasty.
but attached a rider requiring suspension of military aid to Turkey until the President could certify that substantial progress had been made in order to withdraw foreign troops from Cyprus.
Scott said Ford would accept a modification adopted Wednesday by the Senate Appropriations Committee that would make continuation of military aid to Iraq more difficult. He found that Turkey was making a sincere effort to reach a negotiated settlement.
his mind whether to vote for Rockefeller's
information, several other groups and
parties have been calling for him.
These included Rockefeller critics from the political right and left. Among them are the conservative Liberty Lobby and Young Democrats. They supported Labor Party, a left-of-center political group.
Two witnesses supported Rockefeller's actions on abortion and endorsed his murder.
From the Associated Press
WASHINGTON—President Ford appealed yesterday to congressional leaders to block attempts that would attach rigid restrictions to foreign aid programs.
In testimony earlier this week, Rockefeller called Attica the most tragic and traumatic event in his 15 years as governor. The attack was ordered after he ordered an investigation into seeing holding knives to the throats of hostages, threatening to kill them, he said.
Constance E. Cook, a member of the New York State Assembly and principal author of the state's abortion law, said Rockefeller should be praised, not blamed, for his role in reforming the obsolete, inhumane criminal statutes on abortion.
"His actions were the actions of a responsible man of faith, of courage, the actions of a public official who became an important friend and did something about it," she said.
The House passed the resolution Tuesday
Scott said Ford urged passage of a resolution that would extend authority to continue foreign aid and other programs for the United States appropriation bills have not yet been passed.
However, Senate Republican Leader Hugh Scott said the President would accept a bill under which military aid to Turkey could be suspended.
The President and Secretary of State Henry Kissinger met for more than two hours at the White House with the bipartisan leadership of the Senate and House and senior members of their foreign affairs committees.
avecus hansen from his family dynasty.
Although Helms said he had not made unu
Carol Burris, president of Women's Lobby Inc., said Rockefeller's action in vetting the repeal of the state abortion law was a service to the nation's women.
Owens
FLOWER SHOP
9TH & INDIANA
Lawrence, Kansas
Remember Those People Who Best Remember You on PARENTS' DAY
Flowers compliment any occasion—especially a football game. Give your mon. "mumu",
"dadu", "baby" or "sister".
Elections for:
STUDENT SENATE & FRESHMAN CLASS OFFICERS
Coming:
Wed., Oct. 2 & Thurs., Oct. 3
Find it in Kansan classified Sell it, too. Call 864-4358.
Jose Feliciano with special guest Dave Loggins
Ticket sales begin
Monday, Sept 27, 1974
TIAA-Kansas Union
Kansas Union
Lawrence, Kansas
6804-5
(913) 864-3-77
A FILM EXPLORATION
THE KANSAS UNION
THE KANSAS UNION OFFERS A VARIETY OF FOOD AREAS
Sub Basement Level
PRAIRIE ROOM . 11:00 a.m.-1:15 p.m.
Leisurely Dining
HAWKS NEST . 11:00 a.m.-1:15 p.m.
For Lunch on the Run
Basement Level
CAFETERIA ... 11:00 a.m.-1:15 p.m.
Good Hot Food Quickly
SOUP and SALAD BAR ... 11:00 a.m.-1:15 p.m.
We Provide the Fixin's
DELI . . . . . . . . . . . . . . . . . . . . . 9:00 a.m.-5:00 p.m.
As the Name Implies