Newspaper Page Text
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— Griffin Daily News Thursday, Jan. 27, 1972
Nixon’s money men think
economy will forge ahead
WASHINGTON (UPI) -Pres
ident Nixon’s economic advisers
predicted today the economy
would forge ahead on all fronts
in 1972, but cautioned that
wage-price controls would re
main in force until inflation
cools.
Despite a number of “uncer
tainties" that could alter their
forecast, the Council of Econ
omic Advisers told Congress
they expected business, govern
ment and consumers to spend
more this year, giving the
economy a needed shot in the
arm.
The prospects for the nation’s
economic health were contained
in the council’s annual “Econ
omic Report of the President,’’
sent today to Capitol Hill. The
message traditionally follows
the President’s budget by a few
days and outlines in more detail
die administration's economic
strategy.
Rising Output Seen
In an accompanying state
ment, Nixon said the nation
was on the way to “a new
prosperity without inflation and
without war,” He also pleaded
for “greater productivity and a
resurgence of the competitive
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spirit” so that the United States
could win a bigger share of
international markets.
The economic report was
signed by two of the council’s
three members—Chairman Her
bert Stein and Ezra Solomon.
The third seat has been vacant
since the resignation last month
of former Chairman Paul W.
McCracken.
Buoyed by an end of the year
surge in a number of key
economic indicators, Stein and
Solomon predicted 1972 “would
see rising output, diminishing
unemployment, a reduced rate
of inflation and a stronger U.S.
position in the world economy.”
“It seems likely that in 1972
every major category of
expenditures for goods and
services will rise more or
decline less than in 1971, except
for investment in new houses,”
they said.
GNP Will Increase
Meanwhile, the economic
controls program will attempt
to convince people “that rapid
inflation is no longer the
prospective condition of Ameri
can life. When that happens
controls can be eliminated.
“How long that will take, no
one can say.”
As outlined in the fiscal 1973
budget sent to Congress Mon
day, the administration expects
a SIOO billion increase in the
Gross National Product this
year. Most private economists
agree with this figure.
The increase would include a
6 per cent growth in real output
—the value of all goods and
services minus the effect of
inflation—and a 3.3 per cent
increase in prices.
Real Growth Disappointing
The price increase figure
would be “compatible” with the
President’s goal of cutting the
inflation rate to 2 to 3 per cent
by the end of this year, the
advisers said.
In 1971, real growth was a
disappointing 2.7 per cent while
prices rose 4.6 per cent.
The White House report
linked the anticipated economic
expansion to a variety of
factors. Businessmen are ex
pected to spend more on
equipment and goods to build
up depleted inventories. Consu
mers, showing greater con
fidence in the economy, are
expected to put more of their
paychecks into the economic
mainstream and less into
savings accounts.
Government purchases are
expected to boom and the
nation’s disastrous 1972 trade
deficit will slowly improve, the
report said.
More Jobs
If these predictions fall in
place, the economy should have
enough zip to cut into the
administration’s number one
headache—unemployment.
Stein and Solomon said they
hoped to trim the present 6.1
per cent jobless rate to 5 per
cent by December. This is still
far short of the 4 per cent “full
employment” level around
which the administration has
built its budget.
But the White House advisers
said the planned $25.5 billion in
deficit spending for the fiscal
year beginning July 1, plus the
modified system of wage-price
controls, should create a
climate “so that expansion of
demand will generate more
jobs, not more inflation.”
Peace
terms
offered
PARIS (UPl)—The United
States offered today to sign a
basic Vietnam peace treaty but
warned the Communists all
U.S. troops could not be
brought home before the
signing of another, definitive
treaty wrapping up all loose
ends of the conflict.
The two-stage approach to
the settlement of the war was
put before North Vietnamese
and Viet Cong negotiators by
U.S. negotiator William J.
Porter.
He announced it after South
Vietnamese negotiator Pham
Dang I>am formally put on the
negotiating table the new
comprehensive eight-point
peace plan announced by
President Nguyen Van Thieu.
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FORT WORTH, Texas—Komar is a Hindu holyman who hasn’t been to India and a recognized
psychic who doesn’t believe in psychic powers. But as soon as he finishes stepping on swords and
sleeping on spikes at a Fort Worth shopping center he is going to Hawaii to address a convention of
psychics. (Upl)
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NEW YORK—Clifford Irving (r), author of the purported
Howard Hughes autobiography, and lawyer Martin
Ackerman answer newsmen’s questions. (UPI)
Hughes writer
fears nothing
NEW YORK (UPI)-A pale,
tired and. hoarse Clifford Irving
arrived here Wednesday to
testify in a $55 million libel suit
for one book he had written. In
Switzerland, authorities asked
Spanish police today to question
him in connection with an
alleged $650,000 fraud growing
out of his purported autobiogra
phy of Howard R. Hughes.
Martin Ackerman, Irving’s
attorney, said before the Swiss
request to the Spanish was
announced that Irving had not
been contacted by the Swiss
police, but if there was an
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“official communique from
Zurich, we will certainly
cooperate with authorities
there.”
“We hope they will come to
see us,” said Willi Ulrich, who
is in charge of the Swiss
investigation. “Anyone with a
clear conscience can come to
see us with nothing to fear.”
Both Irving and his wife have
denied any knowledge of the
way in which $650,000 in three
checks given to him to give
Hughes was withdrawn from
the Swiss bank.
The graying, 6-foot-4 Irving,
looking pale and tired, arrived
here from Ibiza, Spain with his
wife and two sons to testify
Friday in a $55 million libel suit
against him by Fernand Le
gros, an art dealer who claims
he was libeled in a book called
“Fake,” which Irving wrote.
He said he would have “no
comment until I get my voice
back and my wits and get 24
hours rest.”
Irving has said he inter
viewed Hughes more than 100
times in putting together the
“autobiography,” which Mc-
Graw-Hill had planned to
publish in March and Life
magazine to serialize next
month.
A voice identified as that of
Hughes and affidavits which
lawyers said were signed by
him have denied that Hughes
ever met Irving or that Hughes
collaborated in preparing the
book.
However, McGraw-Hill gave
Irving three checks totaling
$650,000 to give to Hughes.
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