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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 13, 1974, Lethbridge, Alberta Thursday, June 13, 1974 THE LETHBRIDGE HERALD 9 U.S. battles runaway inflation WASHINGTON (CP) Labor and management in the United States, which decided they didn't want to live with wage and price controls, is in the throes ol determining how to live without them. As applied in the U S such controls appeared to work in some in the long run, they failed to halt the country's worst outbreak ot milation since the Korean war As a result, the spectre of runaway inflation it is in shaping up as a hot election As John Kenneth Galbraith, the Canadian-born Harvard economist. puts Nixon is in more trouble ior failed economics than failed burglaries The last vestige of a wage- price control program died at the end of April under fire from both labor and manage- ment, after 32 months of var- ying application As wage and price controls gradually ended and the administration called tor voluntary restraint in both areas, the autonomous Federal Reserve Board, the country's money managers, instigated a torm ol tight money featuring high interest rates as a means of curbing credit and cooling the economy CONTROLS REJECTED Congress debated whether controls should be revived to fight milation which still per- sists but President Nixon's economic co-ordinator maintained that controls are usetul only in limited circumstances. Co-ordinator Kenneth Rush argued that controls produced economic distortions and mis- allocation of essential produc- tion Inflation would be fought through monetary and fiscal policies, he said Some economists are asking, however, whether old methods would work on new inflationary pressures The critical question is how to increase supplies in an era ot ever-increasing shortages Barry Bosworlh. research associate at the Brookings In- stitution, is another who be- lieves that wage and price controls which were effective in a previous era would not work toda> We have to ride out a period ol raw material price increases." he says "And the price rises are needed to de- velop capacity The old call lor restraint is echoed by John Dunlop. direc- tor of the Cost of living Council, who said "If American industry and labor do not take the kind of steps (necessary I, we will find outselves back with controls and back with regulations Some economists contend that even the hint that controls return can have an inflationary impact READY TO MOVE Industry be inclined not only to price their products' to reflect in full measure the rising cost of shortage materials but might also go after even higher prices as a hedge against the time when controls may reappear Labor, lauded by everyone from the president down for past restiamt is expected to react in a similar manner "All ingredients are there to have a very difficult time." says W J Nixon's chief labor trouble-shooter Nathaniel retired special project director ior the United Auto Workers, is against over-all bulldozer" controls He is supported by Richard Landrv director of economic analysis for the U S Chamber of Commerce Wemberg suggests specific measures to counter each m- flationarv pressure as it arises Landn said that roughly 60 per cent of the inflationary rise is attributable to increased and food costs and that this is related to erroneous government policies The basic origin of inflation is overly expansive fiscal and monetary policies.' lie said The historv of wage and price contio's under the Nixon administration is a storms one Phase 1 This was a 90-day instituted in the summer of 1971 by Nixon under pressure from former ticasuiy secretary John Cunrmlh It froze wages prices and rents and was met with enthusiasm and public support Phase 2 This lasted 14 months November 1971 to .January 1973. and held con- sumer prices to an increase of '3 6 per cent Food prices, how- ever, began rising sharph again toward the end oi this phase Phase 3 George Shultz re- placed Connallv as treasury secretary and began this phase which killed most mandatory controls, replacing them with voluntary guidelines Friendly crowds Prime Minister Trudeau met row upon row of flag-and-sign-wavmg school children Wednesday when his motorcade took a tour through a residential section of Edmonton._____________ Cattle programs rapped Specialists in all types of ENGINE REBUILDING CYLINDER BORING AND RESLEEVING CRANKSHAFT REGRINDING Ask about our Guarantee ENGINES WISCONSIN ENGINE Sales and Service Centre Custom Engine Parts Ltd. _ .1 BhflMA 11P_O1 1605 3rd Avenue South Phone 328-8181 EDMONTON (CP I It now is clear federal programs intended to help cattle producers avoid economic disaster have primarily benefitted only the processing companies and the retail chain stores the National Farmers Union said Wednesday The union, in a 19 page brief prepared for presentation to the Alberta cabinet, said that the "ad hoc policies" introduced by the federal government since February of last year have further contributed to the economic problems of producers "The objectives of the federal government appeared alternately to be to reduce the prices of "meat to consumers on the one hand and to save the livestock industry from extinction on the other The union was critical of the Canadian Cattlemen's Association "the self styled spokesman for cattle producers' which it said has paid lip service to the concept of free competition on a North American market. The association was "most vociferous in its attempts to reimpose surcharges as a means of stemming the flow of cattle from the United States during the height of imports "Latterly they have proposed a so called reciprocal policv which, in effect, would provide a tariff tree market for Canadian slaughter cattle exports to the United States 10 times greater than the market would be for U S cattle marketed in Canada." the union said This is unlikely to receive endorsation from U S cattlemen quick to recognize the obvious disadvantages to them and the distortion of the f ree competition principles "It is our view that cattle producers are more concerned with garnering a profit from their production than they are over maintaining the illusion of operating in a free enterprise economic climate distorted. expedient. b> tariffs The union maintained that taimers can be assured an adequate return for livestock only through orderly marketing and undermining the power of groups which now manipulate the pricing structure The union urged that the province support the establishment of a national meat authonU which would provide a rational approach" to filling the market needs and providing an adequate return for producers The union said farm cash receipts this >ear are expected to double to almost S9 billion but farmers still are the prune uctims oi inflation The economic squeeze on farmers, particularly hog. sheep and rnilk producers, would been much greater had not several provinces including Alberta, moved in with temporary support programs "Our organization has never endorsed a balkamzed' approach to production, marketing and pricing policies The union asked support for a conference of federal and provincial agriculture ministers to 'arrive at adequate levels of price support to stabilize current production and protect livestock, poultn and dairy producers against excessive losses CAMPER SPECIALS Coolers and up Camp Stoves Auting Jugs Tents Fishing Tackle Camp Chairs Reg. 4.95. Special 3 Barbecues Located in Lethbridge at 1221-2nd Ave. South Phone 329-0017 FERGUSON PAINT LTD. PRICES EFFECTIVE NOW THROUGH JUNE 30 Win a fabulous trip for 2 to Paris and Amsterdam Enter the Glidden Spred Satin Going Places Contest Entry forms available m our store1 INTERIOR PAINT VALUES! Spred Satin Latex Spred Latex Enamel Dries 'ri 30 minules mane-Hal finish Washable even spot scrubabie Soap and water clean up GALLONS Reg S1S SPECIAL 10 95 spred latex enamel QUARTS Reg.4.70 SPECIAL Lead free no odour Clean tools with soapy v.ater Takes rouoh kitchen bathroorr jTeaimen! GALLONS Reg. 17.30 SPECIAL QUARTS Reg. 5.25... SPECIAL Sred Lustre Enamel GALLONS Reg.1S.OS SPECIAL QUARTS Beg 4.90 SPECIAL II95 395 RIPOLIN ENAMEL Ripolin Ultra White The toughest longest wearing enamel GALLONS Reg 18.95 SPECIAL QUARTS SPECIAL EXTERIOR PAINT VALUES! Endurance Oil Base House Paint Resists Wo jre Exva durab'i w GALLONS Reg.S16 SPECIAL QUARTS Reg.5 10 SPECIAL 1295 405 Spred Acrylic Latex House Paint D-ies lo'lat durable''rush Fiovis 0-1 easiK spreads Tools clea- uo v. i GALLONS Reg.S16 SPECIAL QUARTS Reg. 5.10 SPECIAL Spred Gel-Flo Exterior House Paint cu CT GALLONS Reg S16 SPECIAL QUARTS Reg 5 10 SPECIAL Exterior Spred Latex Stains Enlra hiding power, penetrates and preserves Sale Pnce. per gallon Glidden No. 2245 Exterior White House Paint Anniversary Special, gallon Exterior White Fence Paint Special per gallon 1095 J95 695 Miss Mix and Discontinued Colors in all brands .............99C ...........3.95 Per quart Per gallon Discontinued colors in Glidden Endurance House Paint Quarts or gallons Clearing at..... Vz Price TV Roller Coaler Set Mohair 1.69 Dyne! 2.29 Special 8'x12'P1aslic Drop Sheets ...........2lor98C Hard as a Rock! Polyurethane Florenamet While and colors Special, gallon Special, quart 12.95 3.95 EXTERIOR BARN AND SHINGLE PAINT Red and Green Special per gallon 095 All Pratt Lambert Paints SELLING AT 20% off during this sale Masking Tape R Special 88c each or U for syi FERGUSON PAINT LTD. Distributors of Glidden Paints and Pratt Lambert Paints 318 -7th Street South Phone 328-4595 ;