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Newspaper
Pecos Enterprise
Location
Pecos, Texas, United States of America
Date
Feb 18, 1975
Page
12
Don Oakley reviews President Ford’s tax cut package amid congressional opposition to a proposed $3 per barrel oil fee. Critics warn higher fuel costs would lift prices on many goods, deepen inflation, and stall recovery. Some call for rationing, but fears of bureaucracy and inequality persist.
The piece argues Barry Goldwater, as Arizona’s junior senator, echoing Truman’s 1948 fire against the do-nothing Congress. It criticizes the 94th Congress for profligate spending and warns the nation faces economic peril. It notes Goldwater’s integrity, contrasts him with LBJ and Nixon, and urges continued bold critique regardless of reception.
Federal Home Loan Bank Board proposals to let federal savings and loan associations issue variable rate mortgages mirror a shift toward floating terms amid inflation and rising interest rates. Insurers, banks, unions, and businesses are embracing index linked or escalator clauses as fixed contracts wane. As Congress weighs, expectations rise about broader use of variable rates in loans and mortgages this year.
Barbs by Phil Pastore notes more people attend opera for viewing than the performance itself and highlights a few industry big players thriving amid red ink.
In 1861 Jefferson Davis sworn in as Confederate president at Montgomery. In 1546 Martin Luther died. In 1685 La Salle founded first Texas settlement. In 1915 Germany blockaded Britain by submarine. In 1945 Iwo Jima began. In 1948 John Costello became Irish PM. Ten years ago UN GA adjourned after US-Soviet clash. Five years ago Manila protests US bases. One year ago Randolph Hearst offered 2 million for food for the poor to aid kidnapping negotiations. Born: Nikolai Podgorny 72, Andres Segovia 81. Quote: A man is not old until regrets replace dreams. Panama hats from Ecuador jipijapa straw.
President Ford touted energy goals to cut foreign oil to 3-5 million barrels daily by 1985, but Ford's energy experts dispute the targets. They warn 1985 imports could be 7-13 million barrels a day, and question oil on outer continental shelf, shale oil, and nuclear promises. They cite bureaucratic delays, uncertain resources, and legal hurdles for rapid licensing, risking costly, uneconomical ventures.
Lt Gov Bill Hobby notes land use planning as a controversial topic likely to trigger legislation in the 64th Legislature. The piece traces Texas planning history from private development to environmental regulation, coastal land programs, and the Coastal Zone Management Act era, highlighting state efforts and federal acts shaping future land resource management.
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