Newspapers / The Carolina Times (Durham, … / Jan. 16, 1982, edition 1 / Page 10
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.18 THE CAH3UNA TIMES ; SAT., JANUARY 18. 1882 Year End Economy Review And Outlook For 1982 Fayetteville Happenings By Mrs. TH, Kinney By Richard B. Roberts' , 3emerVkFmUmt Bmkn4TnutCo.,N.A The biggest economic mews of 1981 was the philosophical change in direction characterized .' as Reaganomics. The and strong financing 'needs by both govern ment and business drove interest rates to record heights. Depressed con-! ditions 1 existed throughout the year in the housi ng - and automobile , industries, basic premise or the new i but recent data suggest that a much broader con traction is now .under economic program - is that tower taxes and greater savings incentives will, over time, bring j about gains in invest-' ment and productivity, , reduce the rate of price inflation, move interest ' rates downward, and in crease the pace of real economic growth. Since the first phase of the Reagan ; Administra tion's program"' became , effective on October 1, it'! cannot be blamed or -credited to any signifi cant extent with the bad -or good economic developments of the year. Except for 1 the psychological impact of tax and budget cuts scheduled for the future, the business scene over the past, twelve" months -has been largely1 dominated by the momentum of entrench ed forces and programs , and originating ; ", over many' years past. " During .1981, fiscal, and monetary policies continued to work, at cross purposeswith ach ' other. The budget dficit remained f large and stimulative. ; Persisitent price inflation, weak ' monev supply growth, way. The tug of war bet ween ; fiscal and monetary policies has caused the economy to follow an erratic up-and-down course since the fall of 1979. This is evi dent in the profile of real gross national product' changes for 1981: first, quarter up 8.6; second: qquarter down ,6Vt; find third quarter up 0.6: ' ' The recent fall in in dustrial production, rise in unemployment, and; behavior of numerous other indicators suggest a decisive drop in business activity during the final period. In terestingly, the softness in holicday season retail sales seems to be as much due to cautious stocking of shelves and lack of merchandise selection in some stores and lines as' to consumer spending retrenchment. Prospects do not ap pear good for a quick , vigorous or clear re bound. The statistical path of economic activi ty is not likely to be a smooth trend or straight. SILAS L. MAYFIELD Photographer Portraits: indoor $ outdoor . Weddings Anniversaries Reunions Banquets Social Affairs Athletic Teams Phone:(919)682-1573 . , I. line in any direction. There is not likely to be a ' smooth trend or straight I line in any direction. There could continue to be an erratic . and incon . sistent : pattern of quarterly starts and slops which defies rational prediction or. explana . - 'Hon. . . .; For this reason, the first quarter of 1982 could surprise the forecasters with another, abberation and bring unexpected growth in real GNP. The overall tenor of the economy, seems to be represented in statistics and media reports as a bit more . gloomy than the impres sion one gets from talk ing to many individual businesses and con sumers, especially in this part of the country. The most prominent concern in the outlook is ' the burgeoning size of the federal deficit, which some project to exceed $100 billion. This is the result of large tax reduc tions without com parable decreases in , spending, despite a good effort to contain the rate of increase. When government expenditures exceed revenues, the amount of funds available for productive capital . formation is reduced. If the Administration's economic program is to have the desired effect, the government must br ing down the share of savings and investment funds that it preempts and denies to the private sector. A large measure of - statesmanship and discipline will be needed from Congress during the 1982 election year to prevent further enlarge ment pf the deficit. A number of major labor .contracts are due1 for renegotiation next spring, and the outcome of these major . ; set tlements will have a great influence on the cost- push element of price in- creases for several years. During the last twelve . months, , inflation 2 has' slowed encouragingly from peak levels, and a moderation of wage and . benefit demands should be expected. A continuation of the better trend in consumer prices, coupled with reasonable labor demands, and a declin ing federal deficit would make it possible for monetary policy to operate more effectively without producing such volatile money markets. A more stable interest rate structure at much lower levels is definitely required for a , healthy , economy. This is not likely to occur until the budget is brought under : control. Meantime, rates are likely to be erratic, but in 1982 should average .below 198 1 levels. . ,.- Cyclical and historical ' turning" points in economic and interest rate trends ; are always hard to forecast. The dif ficulty is compounded now by .the lack of ex perience with the new Administration's ; in novative and untested economic philosophy and policy. But, looking . at recent cyclical developments and underlying fundamen tals, a good case can be made for modest recovery beginning sometime in the first half of 1982 and, somewhat guardedly, for even more encouragement in future years. Ai-..':jvt;(:,V: bears : i ' ... . . t : V mm t 6 1 ?IM'ViWlWI1 I. -. :J ;i ' r' Y'SMSiti ' WeVeCut 25 - 30 Misses' Pull-on Pants and Easy-Moving Fashion Tops SAVE $3 Pants Regular $10 SAVE 54 Tops Regular $14 Pants that bend and stretch to move right with you. With ribbed elastic waistband, they're doubleknit Ceianese Fortrer polyester in basic colors and Misses' sizes. $ 15 Patterned Pants . . . . . , . . . ... . 10.99 Tops that coordinate beautifully with our pants. They're easy fashion in soft muted prints of polyester and cotton eyelet or solid cream color polyester. Misses' sizes S, M. L In Our Sportswear Dept Ask about Sears Credit Plans Sale ends Saturday : )99 each You con count on Sears SfAM. ROUUCK AND CO. rtly..'tt t-iigxmttd or Vour Money Back florthgato Mall Monday-Saturday 9:30a. m.-9 P-m. Phone 286-2951 Happy Birthday Anniversary of Dr. Martin -I Luther King, Jr., 1929-1968. Numerous activities . " throughout the city were conducted in honor of Dr. v King. One in particular was held in Smith Chapel -Free Will Baptist Church, 519 Boundary Lane on ' f Sunday evening. It was sponsored by the Fayetteville-Cumberland County Ministerial Coun-: cil. Rev. Garfield Warren was the speaker The public was invited. Officers of the council were in- , -stalled during the service. We salute you! ". The Lewis Chapel Baptist Church Family -welcomes you to worship with them each Sunday , morning at 8:30 a.m., 11 a.m. and 6 p.m. Also :Wednesday at 7:30 p.m. Rev. John D. Fuller, Sr. is .. pastor. They are located at 5422 Raeford Road. We ' salute you a million times. This is needed in times : like these. rs - ' The First Corps Support Command will observe the birthday of Dr. Martin Luther King, Jr., and Afro-American (Black) History Observance with a memorial service in Theatre No. 3 at 10:30 a.m., January 14. Special music for this occasion will be provided by the Shaw University Choir, a gospel singing group from Raleigh. Other music will be . provided by a special guest soloist. Miss Beverly Burke, newscaster for WTYD-TV Channel , will MC the program. The guest speaker will be Dr. Grady D. Davis, who is a professor of behavioral science at Shaw University. Everyone is encouraged to participate. The Fayetteville City Schools' Title I district-wide Parent Advisory Council and the Ramsey Street School Parent Advisory. Council will host a, workshop at the School on Friday morning. Mrs. Nettie Council will present a program about pro grams for exceptional children in the school system. The public is invited and if necessary, may call Mrs. Sophia Pierce at 323-1185. Principal trombonist Richard Fecteau will highlight the January 19 performance of the North Carolina Symphony .Chamber Orchestra at Seabrook Auditorium on the campus at Fayetteville State University. The 8 p.m. performance is free .and open to the public. ' The Cumberland County Agricultural Extension Service and Delta Sigma Theta. Sorority are spon soring the third irt a series of free workshops for youngsters at the County Office Building from 9 a.m. until noon on January 16. The session, "Snacks That Count" will be taught by Era Robin son, home economics extension agent. Call 484-7156, ' . Members of Phi Beta Sigma Fraternity shared the ' morning service- with members ; at First Baptist Church on Sunday. ; Weather has been the "talk" in our city during the past week. ''"'..: . i ThejFort Bragg Playhouse, presents "Harvey". snows January u-j., : 1 J".''i . i it tin ;;" -';.' (UJJi'l ,lioTjL, ill) .t(i lo'jii The Fayetteville-Cumberland County Recreation , Departments have scheduled many classes for you to take part.; : ' Holiday feasts need not end in December, there's plenty of grapefruit Just enjoy a Winter Feast with1 fresh pears, apples, chicken, turkey, red meat and pork to bring in tne hew year ". The E.E. Smith. High School Class of 1952 will hold its last meeting prior to May at 7 p.m. Friday at the First Baptist Church. All members were urg ed to attend. ' ' The Fayetteville 'Woman's Qub Keys Efforts are scheduled for Expo 82. 'i Members of Zeta Phi Beta Sorority conducted their annual Meet and Greet Hour Sunday after noon in the Student Union Room at Fayetteville State University. Feast and fellowship followed the short business session. -. " - -r-'f - Happy Birthday Anniversary to Ms. H.B. Belle, Ms. V.R. Lee, Ms. H.M, Hayes, Ms. Karen Rice, Ms. Trina Leecost, Reginald Hodges and Willie Franklin. Hodges.. vv'x ;'':Svr'v-' ';:''- Twenty-six year old Supply Specialist' 4' Les Thorne is named Soldier of the Week. He is a graduate of Manor High School, Portsmouth, Va. He later enrolled at Elizabeth Qty State University for l'i years and then joined the army. He still wants to play professional football; $pec. 4 Thorne is at Headquarters Company, 1st Corps Support Command. He was given the 18th Airborne Corps Distinguished Soldier award. - V ; . - ', .- Ernest J. Morine was recently eWcted president of the board of trustees of the Joe Barr USO here. Other officers are Buddy Covington, vice president, and Michael Green, secretary-treasurer. Funeral services for Leonard E. Garris were held in J.W. Seabrook Auditorium at Fayetteville State University on Saturday afternoon. He was born February 23, 1899, the eldest of eleven children of the late Mr, and Mrs. Isaac Garris. , He affiliated with the Chapman Free Will Baptist Church in Vanceboro, NC; later became a member of the Saint Mark Free Will Baptist Church in Mount Olive. Following completion of high school in Kinston, he entered the Gupton Jones School of Mortuary Science in Nashville, Tennessee where he completed the embalming course. He returned to Mount Olive and established a funeral home in 1930. He married Mrs. Ethel Roberts. Twelve years later, he moved to Fayet teville and established a mortuary at 121 Hillsboro St. This establishment later became the L.E. Garris Funeral Home. He became a member of Saint Luke AME Church. In later years, he joined the Second Baptist Missionary Baptist Church on the Old Wilmington Road where he remained until his death. His Masonic affiliations' included: member of Eureka, Lodge No. 3, Edward Evans Consistory . No. 196, and Kindah Temple No. 62. He was very active in the National and North Carolina Associa tion' of Funeral Directors, and was a life-long . member of both. . The Rev. W.R.1 Wallace gave the tribute. The Rev. W.E.. Beamon delivered the eulogy. He is survived by his . wife Mrs. Ethel Mae Roberts Garris; a son, Larry E. Garris, two grand children, Eric and Pamela of the home; four brothers, Odell Garris of Fayetteville, Earl Garris of Jamaica, NY, Victor Garris of Philadelphia, Pa. and the Rev. Leo Garris of Vanceboro; and a :u daUghtetifiiia.'Mrs; Nina G. Garris. ' . Vli'ntehiiietilvrwas3 in' Rockfish Memorial .Park, Fayetteville. One of ' the world's deepest chasms is the 34,000 foot Puerto Rican Trench, which begins two miles off of Puerto Rico's north coast. Lower average money costs provide hope for some improvement in interest-sensitive sectors such as housing and autos which have a broad impact on the economy and where pent-up demand is ac cumulating;, Housing starts fell short of basic . need in the first two years of this decade. Also, automobile scrap page has begun to exceed production. Fuel prices remain relatively' high, but have softened. Capital investment pro grams should begin to expand in 1982 as the de mand for goods and ser vices strengthens. ; The American con sumer has consistently , disappointed pessimistic forecasters by displaying amazing resiliency in coping with painful in flation, high interest rates, ' an erratic economy, and psychological uncertain ty. Sustained abatement in price inflation, addi tional reductions of in come taxes, and. -further stimulation by budget deficits should boost consumer spending as 1982 progresses. However, , steady monetary restraint , and . nagging - inflationary anxieties could cause in- 'r terest rates to move up again as economic activi ty and private sector bor rowing increase. This '.. would tend to moderate the recovery. For the- longer run, there has clearly been a fundamental and ; favorable . shift of ! historical significance in national policies and . priorities. Turbulence, 1 uncertainty, and a slug-, gish economy will likely' accompany this basic change in course as the various stages proceed. . One of the most critical, (Continued on Page U) A NEW TEAM'S n&ecHratnsiiu2 " ....... t? . - -vV- - .- ' 1 - , ' ' , ; . , . , . j , . ; ' . . - Open your 1982 Christmas Club Account Now. The you can be one'of the many happy shoppers who will be cashing their holiday check in November '82. j r ; V f . " . ... 1 .?atjny". I ) Ki JOIN NOW SAVE EACH WEEK $1.00 $2.00 . $3.00 $5.00 $10.00 $20.00 IlECEIVE NEXT YEAH $50.00 $100.00 $150.00 $250.00 $500.00 : $1000.00 Jm Resolve To r.lahc Christmas '02 ; The Merriest For Your Special Someone! . , MECHANICS & FARMERS BANK IK MMMV MM IIM M X ) , 116 West Parrish Street 615 Fayetteville Street -411 E. Chapel Hill Street Lm-aiMtSialfwidr In MliNAM WINSTON SAlf M MUlCM CMRL0TH '
The Carolina Times (Durham, N.C.)
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Jan. 16, 1982, edition 1
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