Evidence of inflation heat persists in July economy
Government figures show personal income rising by 6 billion in July with nearly half from a federal pay raise. Corporate profits declined slightly mainly due to the General Motors strike while federal spending grew modestly. Treasury Secretary Kennedy warns if inflation continues the dollar could lose value. economists debate the impact of credit restraints and a steady but muted profits trend.
MENTIONED IN THIS ARTICLE
General Motors
Treasury chief warns tax reform risks and loopholes
Treasury Secretary David M Kennedy warned that the House passed tax reform bill leaves many escapes for the wealthy and could hurt revenues and fuel inflation. He called for substantial amendments during Senate hearings and pointed to oil depletion and drilling cost provisions as likely abuse by millionaires. Kennedy cautioned that deep tax cuts could jeopardize domestic programs amid inflationary pressure.
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David M. Kennedy
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Anaheim ST
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