20 Sep 1974
Page 1
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Newspaper
Lompoc Record
Location
Lompoc, California, United States of America
Date
Sep 20, 1974
Page
1
The Labor Department reports August consumer prices up 1.3 percent led by mortgage interest, clothes, meats and medical services while gasoline fell for the first time since last September. Real spendable earnings drop to the lowest since December 1970 amid higher costs and shorter work weeks.
President Ford issued an executive order creating strict written procedures for obtaining income tax returns by the White House. The order requires the President to specify which returns are sought and to name the staff member authorized to view them. Deputy press secretary John Hushen said no subordinate may access returns without presidential approval.
Federal Reserve Chairman Arthur F. Burns rejected any significant easing of the tight money policy and promised there will be no credit crunch. He spoke at a finance industry mini summit with Greenspan as the CPI rose 1.3 percent in August, while unemployment and inflation warnings mounted.
Ford told Soviet Foreign Minister Andrei Gromyko at their first in depth meeting that they had a lot to talk about an alluding to a trade and emigration deal for Soviet Jews. Jackson said key emigration safeguards remained and a decision on the trade bill could come soon. Ford plans a Nov visit to South Korea and asked Congress for about 20 billion dollars in deferrals to curb inflation.
President Ford urged a $20 billion deferral in long range federal expenditures as a first step toward a balanced budget. Budget chief Ash said another $4 billion in cuts or delays would follow, totaling about $24 billion across roughly 100 items.
Five downtown businessmen agreed to sign an agreement with the City of Lompoc to fund facade improvements with 150000 in federal sharing funds after plan approval. The deal covers street beautification from H Street to Ocean Avenue and requires four years to complete once council signs off.
The House Ways and Means Committee voted to reinstate real estate tax shelters while keeping its plan to phase out the oil depletion allowance. A prior 11 to 6 vote to eliminate real estate shelters by 1980 was reversed on Thursday.
The article notes Hank Gallina’s feature in Ladies Home Journal this month, praising his work. A 12 to 11 vote by Rep. Joel Broyhill, RVa., over tax policy could end shelter tax breaks. The committee warns removing the breaks would harm the housing industry already struggling. The bill projects a $300 million annual loss to real estate operators if shelters are eliminated, cutting depletion allowances to 15 percent in 1974, 8 percent in 1975, and zero thereafter.
Special Watergate prosecutor Leon Jaworski urged a federal court to evaluate former President Nixon’s health to determine if he can testify in the Watergate trials set to begin October 1. He proposed a medical review if Nixon may be unable to appear and possible deposition as a trial option.
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