Inflation policy blamed on Vietnam war and resource diversion
Economist Ezra Solomon of Stanford, new member of the Council of Economic Advisers, says the Vietnam War diverted resources without taxes, shrinking the share for consumers as GDP grew. He argues the wage and price freeze was a psychological damper, predicting temporary restraints after the freeze ends and a return to a free market.
MENTIONED IN THIS ARTICLE
Washington
Council of Economic Advisors
Ezra Solotton
Stanford University
Solomon
Hendriks
Houbhakker
Council of
Independent Press‘telegram
State wage freeze eyed to cost California millions
California faces a large budget gap as wage and price freezes are expected to trim revenue by hundreds of millions. Finance Director Verne Orr told the Legislature the state ended the last fiscal year with a $174 million debt, while the current year remains about $320 million out of balance, to be addressed in tax negotiations with Congress and the Reagan administration.
MENTIONED IN THIS ARTICLE
Reavada
Pinance
Verne Orr
Houston I Flowyey
Democratc
Orr
Confusion over pay freezes affects teacher salaries in dispute
The AFT and NEA clash over how the Nixon wage freeze impacts teachers. AFT says most teachers will miss experience raises while NEA affirms incremental increases are barred, creating a split view across districts and officials.
MENTIONED IN THIS ARTICLE
Walsington
American Federation of Teachers
AFT
Lome
David Selden
Treasury
Charles Walker
NEA
Waldie Urges Veto of Nixon Pay Freeze Plan
Representative Jerome Waldie says he will introduce a resolution to veto President Nixon’s postponement of a federal pay raise from January to July. He calls federal employees the sacrificial lambs in the political fight to stabilize the economy before the 1973 election. The president’s move to delay raises aims to save about $1.2 billion as part of emergency economic measures sent to Congress.
MENTIONED IN THIS ARTICLE
Washington
Jerome R. Waldie
Tall
Shuarsdey
Nixon
Wallie
Mei
Bill Aun
Congress
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