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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 16, 1971
Page
5
President Nixon announces a 90 day wage and price freeze and a 10 percent import surcharge while seeking congressional support for broader controls. The move aims to stabilize the economy, curb inflation, and maintain the dollar's value amid global pressures, with enforcement through a public record and a cost of living council.
Southland residents react to the federal wage price freeze with concern for landlords and fear it could affect trade and business. Apartment association leaders warn small landlords face hardship if rents cannot rise, while labor groups oppose the freeze for not limiting interest rates and dividends.
The excerpt notes that gum arabic was unavailable, replaced by a mallow root mix forming a stable foam. Marshmallow originated in France as Pato de Guiman go and later spread to the US where the root’s medicinal reputation caused its decline in confectionery. In yarn inquiries, Bernard Ullmann Co promises to try matching a discontinued dye lot by sending sample yarn and two complimentary skeins.
A Bellflower reader criticizes damage from low riders and street racing in Long Beach and Lakewood. They call for suspensions adjustments, defensive driving, and city action to curb speed trails and costly citations.
Treasury Secretary Connally said the United States will not accept a devaluation and urged continued trade by all nations. He described the president’s package as sweeping and noted unemployment falling and inflation cooling, while warning the balance of payments deficit remains too high. Connally defended the 60 day wage price freeze as voluntary and predicted few federal layoffs, with attrition as vacancies arise. A meeting with congressional leaders is set for Tuesday to discuss the proposals.
Key labor leaders offered mixed praise for President Nixon's 90 day wage, price and rent freeze while businessmen and politicians weighed potential effects. David Rockefeller called the plan hopeful yet temporary, while New York Mayor John Lindsay deemed it late but necessary. International reactions ranged from taunting in Moscow to praise from GM chairman James Roche. 17 people, including tourists, were injured in the bull arrival at the regional fair in Huamantla, Mexico.
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