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Newspaper
Port Lavaca Wave
Location
Port Lavaca, Texas, United States of America
Date
Jan 21, 1975
Page
4
Washington reports show 1974 inflation at 12 percent for the year as December tightens the year’s rise. The U S Product Safety Commission ends hopes for a Fourth of July firework ban. Democrats led by Speaker Carl Albert attack Ford on tax relief and energy policy.
The report covers the banquet with State Rep. Joe Wyatt’s illness telegram and Ward’s pledge of community involvement. It lists 1975 Chamber officers Paul Stapp Marvin Kirkman Alma Suggs Frankie Tupa David Roberts George Duncan Jr. plus directors and a new treasurer Joseph Fallon shifting to Carbide in NYC. The event honored Paul Stapp for the skyline award and notes the Norfolk ship’s sinking timeline. Speakers included Rev Elaine Smith and Mark Cameron with remarks by Babe Schwartz via telegram. Out of town guests Tom Eastland and local judges attended.
David Rockefeller, chairman and CEO of Chase Manhattan Bank, says petrodollar recycling has reached the banks' absorption limit and calls for a lasting economic adjustment. He urges consuming nations to curb oil use or find alternative exports while noting a shift in global wealth toward oil producers.
Mexicans discuss the forthcoming PRI selection for the 1976 presidential race. Luis Echeverria looms as insider power in a process shrouded in secrecy while potential successors include Hugo Cervantes del Rio Jose Lopes Portillo Musa Valencia and others, with a late September or October nomination likely.
An official advisory panel urged using substantial general tax revenues to fund rising retirement benefits rather than higher Social Security taxes. The 13 member council headed by W Allen Wallis said to phase general funds into Medicare to free payroll tax money, while raising taxes for the self employed and liberalizing benefits for current retirees.
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