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Newspaper
Bemidji Pioneer
Location
Bemidji, Minnesota, United States of America
Date
Aug 25, 1971
Page
2
Editorial explores possible paths after the 90 day wage price freeze. Analysts discuss extending the freeze, lifting it with assurances, or replacing it with formal flexible controls. The piece notes uncertainty, potential impacts on inflation and consumer behavior, and the difficulty of predicting responses from business and labor.
Treasury Secretary Connally says it is unlikely all wage price controls will be lifted after the 90 day freeze ends. He notes possible continued controls and discusses impacts on inflation and mortgage rates while Congress and other officials debate policy and the creation of a guiding board.
A writer recalls a vacation crash where his wife and son show little sympathy. Nurses express concern at the hospital while his four year old Gavin mocks the pain. A Mississippi trip reveals his parents’ hidden scorn for the accident and the palm-marked parking lot incident.
The piece contrasts Lenin's 1921 NEP with Nixon era economic woes, noting Soviet communists frame Western turmoil as capitalism’s crisis while ignoring Russia's own 1921 policy shift. It recalls NEP's wartime context, 1923 farm gains, Stalin's 1928 reversal, and the brutal drive to five year plans and mass famine.
Riverhead New York AP reports state Supreme Court Justice L Barron Hill dismissed the 22 prisoners suit after inspecting Suffolk County jail. He quoted Robert Burns and called Morris the Mouse death an unintended result of the antiseptic facility.
President Nixon argues his strategy would pay for itself and save about $500 million, but administration sources warn the 1972 deficit would be around $20 billion. Lawmakers push for bigger consumer tax cuts and oppose the 5 percent federal payroll tax cut, with talks of delaying the Social Security tax hike. The deficit could approach the 1971 level of $23.2 billion.
Q A veteran receives a 100 percent service connected disability dividend and a GI life insurance premium waiver. A dividend check is received and kept. A transfer entitles release from liability if the loan is current buyer assumes liability and VA accepts credit risk. A GI loan can be used with GI Bill schooling if income and credit meet requirements. Nixon budget changes detail $6.3 billion in revenue losses with exemptions and surcharges offset by $6.8 billion in new measures. opinions vary on tax benefits to business and social program impacts.
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