Sunday Gazette-Mail from Charleston, West Virginia on June 23, 1974 · Page 15
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June 23, 1974

Sunday Gazette-Mail from Charleston, West Virginia · Page 15

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Charleston, West Virginia
Issue Date:
Sunday, June 23, 1974
Page:
Page 15
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Page 15 article text (OCR)

Congress' Fiscal Policies Hit JOHN T. DUNLOP Cites Incontinence WASHINGTON - AP) John T. Dunlop. the government's outgoing price controller, says Congress is aggravating inflation by pursuing inconsistent economic policies. As an example he cites proposals to aid the beef industry. On the one hand, Congress is demanding that the administration restrain inflation, Dunlop said, while on the other it is considering guaranteed loans and import quotas for the beef industry to keep meat prices from falling. He said there is special irwiy k this because ea*s already have shew* the)' are wwilliig t« hay large quaittiies »f beef at entreat prices. "It's time Congress stopped its month-to-month changing ef economic policy," Dunlop said in an interview. Dunlop, who will be 60 next month, will cease being director of the Cost of Living Council when it formally goes out of business on June 30. He plans to return to Harvard University where he is a professor of economics, but he will serve as a part-tune adviser to White House economic coordinator Kenneth Rush. lie said he would have remained in Washington had Congress approved his propo- als fora federal inflation monitoring agency and a modest price control program, which he wanted to head. * « » DUNLOP made clear he feels both Congress and the administration should do more to combat inflation, which has resulted in consumer price increases of 10.7 per cent in the last 12 months. Use of fiscal and monetary policies alone by the administration will be inadequate because of political considerations, he said. - "1 dco't think foey eaa do it now, or do it in the next 20 years/' he said of these policies. Congress, on the other hand, must settle on a economic policy and stick to it, Dunlop said. A year ago Congress was demanding a price freeze, he said, while now it opposes a much les.; restrictive price restraint program. "That kind of volatility of decision making is a disaster, and our country cannot prosper under that," he said. "What the country iceds are loag-nu policies w which decisions of business aid collective bargaiaiig cai be i»**e, M he He emphasised there are * easy answers to inflation. He made these other points: ··Some of the achievements of the 2Vi-years-old wage and price control program, particularly in health costs and construction wages, already are being undone in the seven weeks since the program expired. » The country was fortunate it had a wage and price control program in place at the time of the Arab oil embargo; otherwise, domestic oil prices probably would be double what they are now. FAD HAS t · TREMEN FROST FREE BUYS FROM GJE IF YOU'RE NOT BUYING FROM FAD YOU'RE PAYING TOO MUCH!!! Textured Knit Mixables to Wear All Year Around 269 90 $ 299 90 14.2 Co. 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