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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 15, 1972
Page
12
Washington assessment shows inflation cooled from 5.5 to 2.7 percent and unemployment eased to about 5.5 percent, with GDP up 3.9 percent in early 1972. Critics argue gains favor business, while trade and dollar pressures persist. officials warn long term monetary reform may prove transformative.
Ohio transit faces cuts and potential shutdowns as ridership drops across Youngstown Akron and Cleveland. The Metro Regional Transit Authority warns of August Decison risky levy votes may end bus service if not approved. CTS reports losses and fare changes while Euclid and other districts raise fares and limit routes.
Government figures show labor costs in the farm to market chain surged 42 percent over the decade, with food consuming 29 cents of every dollar. Americans spent 16 cents of each dollar on food in 1960, rising to 20 cents as prices increased. Demand for beef remained strong despite higher prices, and economists expect the price rise trend to level off for the year.
Cleveland based National City Bank plans a holding company to be named National City Corp. Final approvals take about seven months. Blair notes flexibility in financing acquisitions, as rival Cleveland banks have already converted. National City ranks high in assets and equity earnings, awaiting shareholder and regulatory consent.
President Nixon's top economic advisers urged the GOP Platform Committee to curb federal spending and maintain Phase 2 controls to prevent inflation and higher taxes. They called for continued wage and price controls and a future end to them with minimal disruption, while stressing a $250 billion FY1973 budget ceiling and reforms to Congress.
Leonard Woodcock UAW president told 050 Ohio delegates that complacency or mistakes by Nixon could blow the election. He urged endorsement of McGovern Shriber and warned a big Nixon mandate would leave labor without a White House ally. He criticized Nixon trips to Moscow and Peking and called Indochina a big minus for the administration.
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