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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 23, 1980)
«d tried!' cessful, j| 11 includt | liuis said. Economic thinking is changing THE BATTALION WEDNESDAY, APRIL 23, 1980 Page 9 is, result, vleopari 70s could d to zoos United Press International HOUSTON — A Harvard econo mics professor Tuesday said Amer icans are experiencing a major shift in their assumptions about how the economy works and what should be done to cure its ills. I “I believe a major revolution in economic thinking in the United States is now underway — a retreat from Keynesian thinking that has dominated the past 35 years,” Dr. Martin Feldstein told the Federa tion of Financial Analysts. John Maynard Keynes was the British economist whose belief in governments’ spending their people to prosperity took hold during the Great Depression and, Feldstein said, has dominated American eco nomic policymaking ever since. “It’s obvious that those ideas were not appropriate for the economy of the 1960s and 1970s when they had achieved their greatest influence,” said Feldstein, also president of the National Bureau of Economic Re search. “The Keynesian framework is not the way to analyze what’s happening to the United States.” Feldstein said Keynes believed unemployment was caused by too lit tle demand for products, savings were bad because they took capital out of circulation and government could solve economic problems. Feldstein disputed each idea. He said current 6 percent U.S. unemployment is not due to shor tage of consumer demand, which he said is excessive and helps fuel infla tion. He said current joblessness is often temporary and is partly due to unemployment compensation. On saving, Feldstein said a major problem facing the United States is not too much but too little, depleting the major source of capital funds needed to renew the nation’s pro ductive capacity. Feldstein said Keynes-inspired federal policy has pushed the U.S. savings rate to 3 percent, compared with more than 10 percent in some European countries. He cited as anti-savings policies: Social Security, which eliminated fear-inspired saving for old age; tax laws, which burden interest income but give borrowers a tax break, and government deficits, which absorb capital. Feldstein said the most obvious shift in thinking has been the decline in public belief the government can solve the nation’s economic prob lems. “Changing these deeply ingrained aspects of economic life can happen only slowly,” Feldstein said. “The political survival of such (new) policies is far from certain. The coming recession may trigger Keynesian reflexes. The Democratic political process — with 2-year elec tion cycles — may not be able to take a long enough view. “Despite the risks, I am optimis tic. I believe the experience of the past dozen years has educated not only economics professors, but the public and politicians as well.” Same song, second verse: price of gasoline is up United Press International WASHINGTON — The aver age price of gasoline rose 4.4 cents per gallon in March to $1.23, the government reported Tuesday. Leaded regular gasoline aver aged $1.202 a gallon in March, up 4.3 cents from $1,159 in Febru ary, the Bureau of Labor Statistic said. Unleaded regular was $1,252, up 4.5 cents, and leaded pre mium averaged $1,277, com pared to $1,233 in February, it said. The BLS report showed prices for all types of gasoline were high est in Honolulu, Chicago and San Francisco. The lowest prices were in Cincinnati and Dallas. Leaded regular gasoline sold for an average $1,271 a gallon in the Chicago-northwestern Indi ana area. In Cincinnati, the cost was $1,135, the report said. Unleaded regular ranged from an average $1,324 in the Chicago area and $1,338 in Honolulu to $1.18 around Cincinnati. s 29 79 69 59 19 » ;kefl OUSf FINE SAFEWAY MEATS! £:*w*x*w*:-:*x*:*:-:**:*:^^ I Boneless 1 Chuck Roost Safeway Quality Beef Chuck ■xw-:::xvX:v-:-x-xs-:-:-:-:::-x-:<w:-x-:-x-x-:-x;. Safeway Quality Beef Rattle Mix Bonless Bulk Beef WHOLE ONLY! J v •!•! p Ready to Serve Shop! 1 Top Sirloin These items ore available in the following stores only: in Austin at 941 N. Lamar, 1500 W. 35th Street; in Pearland, Lufkin, Port Arthur, Koty, Kingwood; in Houston at Bellfort at Telephone Road, 16550 El Camino Real, Holcombe at Kirby; League City and Spring. USDA Choice Beef 1. Top Sirloin Steaks $ 2. Top Sirloin Roast -ij Chuck Steak Lb.n.88) .... Lb. Beef Liver $i aq Fresh, Frozen Lb. I Cooked Ham 6 0z.$i #a Safeway Sliced Pkg. I oO# Premium Franks ub.$| cq Safeway, All Meat ..... I Pkg. I *3 # Eckrick Jumbo Franks Fried Chicken Hot! ••••••• K*lldi Q | | Smoked Fryers Ready to Eat! x S Whole $ Si •x-x*x-x*x<x*x-x-x*x*x*x' :: x:-x->:':ox%-::<-::^::v:->:.:%-:-x-:x-:-:-:-:v.:-:.x»»XvXvX-x-:-XvXvX-xv : Top Sirloin or T-Bone Steak$o | a Safeway Quality, Beef Loin Lb. O • ■ 7 *2.29 *1.69 UK! # Htfltkor- “ihi? Smoked Sausage . $ a i a Eckrich, Regular beef or Kielbase ... Lb. A* I # Braunschweiger yQc Safeway Smoked, By The Piece Lb. # 7 Safeway Quality Round Steak Boneless, Safeway Quality Beef Round. . . Lb Pork Loin Chops $| no Whole Boneless Hams $1 z o Half Boneless Hams 70 Bologna QQ<t Scotch Buy, By-The-Piece Lb. 77 ib. *4.29 j | “'"•■•‘.•Xs.x?XrX.X:X:X:XS:X:X:XrX:X:XvX:X , i i i ^ Suggestii Safeway Quality (CHOICE; Beef p | ate Shortribs Jarlsberg Cheese $ /WvX Tide ^ | Kraft Detergent i Miracle Whip 80 ij: 171 Oz. L Box Kraft Soft Parkay 69 French Bread Hot! „ ;B9- .Lb. Salami^™ Z99* Pepperoni SET 1 . 3S rt99< Seven-Up & Seven-Up Bathroom | Scotch Buy T| ssue (Paper Towels SAFEWAY SPECIAL Deposits Not Included! .44 6.129 Kraft Quality Foods! 3 Oz. .. Can < Parmesan Cheese Kraft Grated, SPECIAL! Salad Dressing soz. Kraft Italian, SPECIAL! Btl. i ViMoon Horn Cheese iooz.$i Kraft, SPECIAL! Pkg. I Soft Parkay Margarine , 6 0 z. ■ Kraft, 2-8 Oz. Tubs, SPECIAL! Pkg.. Macaroni and Cheese h oz. ■ Kraft Deluxe Dinner, SPECIAL!. ,. Salad Dressing Kraft, 1000 Island, SPECIAL!.... Diet Margarine Kraft, Parkay, SPECIAL! Photo & Gift Depts. These items are available in the following Safeway Stores only: Spring, League City, Kingwood, Pearland, Katy, Port Lavaca, Bay City, New Braunfels, Deer Park, Tomball, Victoria, Both Port Ar thur Stores, in Aryan at 1805 BHarcrest, in Austin at 9411 N. Lamar, 6920 Manchaca, 2025 Ben White, in Pasadena at 4100 Fair mont Pkwy., in Houston at Beilaire at Gessner, Bellaire at Hillcroft, No. 5 Uvalde, Louetta at Stuebner Airline, 13642 W. Montgomery Rd., 9510 N. Houston-Rosslyn at Gulf Bank. One Stop Is All You Need At Safeway! NOT ALL ITEMS CAN BE SOLD ON SUNDA YS DUE TO TEX A S BLUE LAW. 8-Track Tape Player With 2-Speakers Miss Breck Hairspray 25’ OFF LABEL! * m m 9 Oz. . . Can | Bayer Aspirin ^ Save 20’, SPECIAL! Signal Mouthwash SAFEWAY SPECIAL Agree Shampoo SAVE 36’, SPECIAL! *1.29 ssswsx-x- Galaxy 16‘ Oscillating Gleem Toothpaste | 25’ OFF LABEL! CI 3 Oz. Uflil r=nl/ . Tube : x-: x-x-x-x»»x-x-x-x-x-x-x-x-i-x-x-:-x- S: Colgate Instant f Shave Creani i SPECIAL! .. _ rrtC "SAVE 20‘" n f 01 ’ Can Created by Hearthside, Hand-painted Stoneware Feature of the week! COFFEE CUP I )) With Each $3.00 Purchase SAFlpilf and a little bit more Chemical fire pollutes N. J. United Press International ELIZABETH, N.J. — A fire with temperatures soaring to 2,400 de grees burned through an illegal toxic waste dump described as a “chemical time bomb” Tuesday, spewing no xious fumes over a wide area of the New York waterfront. Schools were closed in two New Jersey cities and the New York City borough of Staten Island, and at least eight firefighters were reported in jured, including four with acid burns. The fire broke out with an explo sion at 10:40 p.m. Monday at the Chemical Control Corp., a chemical storage facility that was closed by the state over a year ago. About 40,000 55-gallon barrels of chemicals including paint thinners, de-greasers and solvents were thought to be at the storage site. At 9:30 a.m. today, fire officials said the blaze was contained but not under control. USSR feels grain crunch United Press International WASHINGTON — The Soviet Union is beginning to feel the effects of the U.S. grain embargo, an Agri culture Department official said Tuesday. Howard Hjort, the department’s economics director, said, “Feed sup plies, already tight because of a poor Soviet grain harvest in 1979, are stretched even thinner now as a re sult of the suspenion.” He said the net effect of tljpiUrS. actipn is that, the, Soviets ’fvfii ijhport orte-thirdless grain than they had expected for the first half of 1980. The Jan. 4 suspension of American grain exports to the Soviet Union was announced by President Carter in response to the Soviet invasion of Afghanistan. The suspension affected 13 million tons of corn, 4 million tons of wheat, about 1.3 million tons of soybeans and soybean meal and some poultry and other commodities. A report issued by Agriculture Department today estimates the sus pension will leave the Soviets 7 mil lion tons short of the 37.5 million tons of grains they had expected to import from all sources between July 1979 and June 1980. The report said the major impacts of the embargo will be to restrict growth of the Soviet livestock indus try, which is heavily dependent on imported grain for feed; increase Soviet vulnerability to a poor harvest because of their current reliance on grain reserves; and force the Soviets to pay higher prices for grain imports as they attempt to bid grain supplies away from other importers. Wholesaler to cut prices United Press International WASHINGTON — A large wholesale grocery distributor in Texas has agreed to hold down its prices in order to return to com pliance with President Carter’s voluntary price guidelines, the gov ernment said Tuesday. Last December, the Council on Wage and Price Stability found that Grocers Supply Co. of Houston had not been complying with the presi dent’s guidelines. The company originally requested a reconsideration of the council’s ruling. But according to the council, Grocers Supply has now agreed to hold down its prices for the next six months to make up for the its exces sive pricing last year. 8 Battalion Classifieds ^ Call 845-2611