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Page Two THE NEW BERN MIRROR, NEW BERN, N. C. Friday, June 29, 1973 The nation’s number one worry continues to be inflation. Under mounting pressure to halt the surging cost of living, the President two weeks ago announced a new 6(Hlay freeze on prices under authority given him by the Cmgress on April 30th. The President indicated in his address to the nation that the "freeze” will be used to "develop and put into place a new and more effective system of controls" which wUl be known as Phase IV. He em- BEASLEY-K_ MWn« - HAtTOW 'WtVKf - SAVINOS" 310 Bread Sheet—63B4043 Quality Shoe Repairing at Reasonable Prices IDEAL SHOE SHOP JOE HATEM, Prep. 903 Broad Street ME 7.5011 New Bern Loon & Jewelers Your Reliable Diamond & Watch Store. 215 MIDDLE ST. JOE ALCOKE LINCOLN-MERCURY 420 Tryon Palace Drive phasized that his new economic policy “will be designed as a better way to get us out of a controlled economy." Certainly the President’s new plan to cool the fires of inflation came at a critical moment. Housewives and indeed all consumers are highly irritated by day-to^y price increases. Before the "freeze", retaUers and wholesalers often could not give a firm price to a pro spective purchaser without calling their supplier. Even so, the results of ttie price freeze are apt to be disappointing unless this nation moves to correct the problems which brought about this situation. The President has been to use wage-price controls in times past and with good reason. The value of economic controls over the marketplace is at best shortlived. IMces move in response to ever changing conditions. With or without governmental controls the law ^ siqtply and demand sooner or later comes into play. If demand rises too fast either prices rise or at some point shortages are sure to develop. As has been pointed out in this newsletter before, we face diminishing siq>plies of basic commodities. For example, aluminum, chromium, manganese, nidcd, and iron are in short su|^y and are likely to remain in that status in the future. Fuel supplies are in short suppfy aU across our country. The list of com modities in this category seems - to grow d^y. Ihe levding off of food prices is certainly refreshing to consumers, Iwt it remains to be seen whether the new plan will produce the desired results. Shortages of staples such as flour, eggs, fresh fruits and v^^Ues may come soon. Baby chicks are being slaughtered by broiler producers who say they cannot make a profit in today’s market. All of this leads to the question as to what Congress is ^ing to deal with this situation. 1 Ceramic Tile 1 Quarry Porches I Marble Fireplaces I Rubber & Asphalt Tile 6. H. BRYAN TILE CONTRACTOR 637-5418 JOHNSON cwvsut-nvMinii, m. 1219 Pollock • New Bern ZaytouM*$ Cabinets WC SPECIALIZC IN CUSTOM MADE CABINETS MIS QUEEN ST. - PHONE dSa-SSSO New Bern. N. C. JOHN ZAVTOUN OWNER niL. COWVLL MANAGER One of the problems involved in this situation relates to governmental expenditures and Die fact that our government has been engaged in deficit spending for many years. Twice during this session I have ^nsored legislation to hold the Federal budget ceiling for fiscal 1974 at $268 billion, $600 million less than the President’s budget request. And on April 11, I in troduced the Congressional Budgetary Procedures Act to strengthen congressional fiscal responsibility. This bill is now in the mark-up stage in the Senate Government Operations Committee, of which I am Chairman. Congressional procedures relating to the spending of the taxpayer’s dollar are, to say the least, in dire need of a major overhaul. Since 1960, Federal spending has tripled; the in flation rate in this country has also tripled. The dollar overflow overseas has quadrupled, and the dollar has been devalued twice in recent months. It has been 52 years since Congress has done anything about sharpening its basic tools for controling Federal ex penditures. Under the bill which I have introduced, and hopefully which will the approval of Congress, is the The more men have basis for a rebuUding of the multiplied the forms of religion, structure of fiscal responsibility the more vital Godliness has in this nation. declined.—Nathaniel Emmons. Cotten ^unexaC c:Homz, Ona. •The Home of Dignified and Friendly Service” PHONK esT-aist aaoi NEuse blvd. P. O. BOX zszs new BERN. N. c. 28B«0 lA E. LAMAR SLEDGE ATTORNEY AT LAW ANNOUNCES THE REMOVAL OF HIS OFFICE TO SUITE 405 IN THE DUNN BUILDING NEW BERN, NORTH CAROLINA
The New Bern Mirror (New Bern, N.C.)
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June 29, 1973, edition 1
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