PLANT SALE
and Open Greenhouse
December 7-8 (8-5)
FLORICULTURE GREENHOUSE
Plants from 50c to
Aloevera
Bansai plants
Cacti
Dieffenbachia
Dracaena
Kalanchoe
Nephtytis
Philodendron
Scindapsus etc.
The economy
THE BATTALION Page 15
WEDNESDAY, DECEMBER 4, 1974
Tax relief plan may move nation out of recession
WASHINGTON AP—Two
members of the President’s Council
of Economic Advisers have en
dorsed general tax relief as a device
to prod the nation out of recession il
the economy can’t recover on its
own.
Both members of the three-man
panel cautioned against abroad eas
ing of tax burdens now.
And council chairman Alan
Greenspan described his proposal
as purposely vague “for fear as being
interpreted as announcing some
significant change in this
administration’s policy. The Coun
cil of Economic Advisers doesn’t
make policy.’
But both he and William J. Fell-
ner, in successive speeches to the
National Economists Club, said tax
relief should be considered the top
priority if government stimulation
of the economy becomes necessary.
President Ford reiterated Mon
day night his determination to pur
sue a balanced approach to the prob
lems of inflation and recession.
But White House Press Secretary
Ron Nessen said Tuesday that Ford
still regards inflation as “the real
fundamental cause of the current
recession” and won’t drastically
change his economic policies be
cause “we must cure inflation once
and for all.”
Ford has proposed limited tax re
lief to cushion inflation’s impact on
the poor and to spur new invest
ment by business. He has also asked
for a 5 per cent surtax on corpora
tions and high-income individuals,
although the proposal has triggered
stiff opposition from Democratic
congressional leaders.
Greenspan said in his Monday
night speech that although people
and corporations originally re
sponded to inflation by heavy
spending to beat expected price in-
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WE WANT TO SUPPORT OUR PRESIDENT ANDJELP WIN THE FIGHT
• AGAINST INFLATION.
1. Bring Budget Back In Style
2. Postpone Unnecessary Borrowing
3. Save As Much As You Can
4. Conserve Energy
5. Raise Prices or Wages Only When Absolutely Required
6. Shop Wisely, Look For Bargains
7. Eliminate Outmoded Regulations
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Quentity Righto Reserved
creases, they are now pumping
more money into savings “in order
to maintain the real value of savings
in terms of future purchases of
goods and services.”
The government can compensate
for such reduced spending by step
ping up its own spending or cutting
taxes so consumers and business
have more money available.
But Greenspan said new federal
spending programs take a long time
to implement and are tough to
eliminate once they have served
their purpose. “We should focus our
attention wholly on the tax side of
the budget,” he said.
Fellner, who spoke Tuesday, said
the recession is already sowing the
seeds of its own recovery in the form
of lower interest rates, slower price
increases and a buildup of demand
among buyers waiting to ride out
the slump.
But although those forces are
strong, he said, they appear to be
too weak to prompt a full recovery.
Fellner did not spell out how he
would offer the tax relief, but he
noted that inflation has the effect of
pushing up incomes and driving in
dividuals into higher tax brackets,
even though their real income has
eroded.
Both men said that the time to
apply any relief, if necessary, would
be after the economy hits bottom,
which administration officials cur
rently expect this spring.
Government
under siege
ADDIS ABABA, Ethiopia
(AP)—Addis Ababa went into a vir
tual state of siege Tuesday as
Ethiopia’s military government ar
rested eight more persons in the
continuing hunt for terrorists set
ting off bombs in public buildings.
Heavily armed troops patrolled
Addis Ababa Government buildings
were under heavy guard and some
were closed to the public. Emp
loyes were searched by soldiers as
they reported for work.
Visitors had their handbags
searched at entrances to tourist
hotels and underwent personal
searches in a specially erected cur
tained booth in the lobby of one lux
ury hotel.
Francz Ausboeck, a documentary
film producer from Munich, West
Germany, and Hans Wunderer, a
Munich University student
biologist, were taken off a plane
about to leave for Europe. They said
their passports and film for a
documentary on locusts were con
fiscated without explanation.
The West German government
said it will not send any more de
velopment and aid personnel to
Ethiopia because of the turbulent
situation in the country.
One American company said it
was moving dependents of its U.S.
employes out of the country. The
U.S. Embassy said there are 1,500
Americans in Ethiopia.
The ruling military council exe
cuted 60 members of Ethiopia’s
former feudal regime on Nov. 23
and was expected to shoot more in
reprisal for the Bomb attacks, which
erupted Saturday and so far have
killed about eight persons.
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