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Newspaper
Danville Register
Location
Danville, Virginia, United States of America
Date
Sep 03, 1975
Page
2
The text notes Congress returns from a long August recess amid public frustration over inflation and federal spending. It criticizes energy policy, wage increases, and partisan reform attempts, urging focused action on inflation, energy, crime, welfare, and domestic issues to improve the nation’s economy and security.
A federal judge limited the longshoremen action against grain shipments to the Soviet Union, ruling the group is not constitutionally protected for blocking cargoes. AFL-CIO leader George Meany plans appeals while insisting shipments be government handled to avoid higher domestic food prices. Midwest farmers voice harm as Secretary Butz maintains a moratorium pending crop size estimates.
Senator Henry Jackson was among early Democrats criticizing oil profits as obscene but new data shows windfall gains fading. From 1972 to 1975 oil company returns lag general manufacturing and 1974 75 profits fell, shrinking real terms. Analysts project oil investment needs totaling up to 1.2 trillion by 1985 to secure 600 billion barrels, with inflation driving higher sums. Congress and policy makers face vast capital needs and potential energy shortages unless shifts to nuclear and other fuels occur.
In Washington, the Pentagon adopts Operation Rethink amid doubts that overwhelming force can win in Vietnam. Officials explore tac nuclear devices, smaller carriers, and a 700-ship fleet while urging cost discipline under a design-to-cost program. A broader shift questions Soviet naval power and raises concerns about disarmament and defection critiques from think tanks.
Column argues inflation stems from the government expanding the money stock. Citing the Federal Reserve Bank of St Louis data, it links money supply growth since 1967 to rising consumer prices, criticizing officials for bafflement and urging a lesson from St Louis. It notes yearlong money stock growth near 15 percent and money plus time deposits rising from under 400 billion in 1976 to over 650 billion today.
In San Francisco jewelry store owner Tom Cole installed a tarantula named Rosie as an around the clock guard. Over five months there have been no thefts or break-ins, with a $10 monthly rent and no external threats. The piece notes the spider’s venom is the same risk as human guards and dogs, while crime rises and police strikes push job prospects.
Jeffrey Hart discusses the rise of coalition government in the United States amid declining major party appeal. He imagines scenarios around a Ford Wallace Ford cross party deal, potential Supreme Court nominations, and a three way race affecting the Electoral College and Senate confirmation dynamics.
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