Nixon has
Phase IV
meeting
WASHINGTON (UPI) —
President Nixon conferred with
his Cabinet for two hours Wed
nesday on plans for a Phase IV
anti-inflation program which he
said he hopes will hasten the
eventual removal of wage and
price restrictions.
The White House said the
newest control effort will be
announced “relatively soon”
although probably not before the
end of this week.
Former Treasury Secretary
John Connally. now an unpaid
adviser to the President, at
tended the Cabinet meeting.
Nixon then called Connally back
to the White House for a private
talk a few hours later.
Deputy Press Secretary Gerald
Wrarren said Nixon asked the
Cabinet members for their
recommendations on Phase IV
“as it affects their areas of in
terest.”
Warren said Nixon has made
no final decisions on the shape of
the next step in the ad
ministration’s so far un
successful effort to curb the
worst inflation in more than 20
years.
When announced. Phase IV will
mark the fifth major change, in
economic policy since August,
1971. Phase IV will replace the
price freeze which Nixon ordered
June 13 for a maximum of 60
days.
In a written statement sent to
Congress, Nixon emphasized that
he envisions the new wage and
price controls as a temporary
milestone on the road back to a
free economy.
“My ultimate goal the goal I
believe we can and must meet—is
t o return this country to a strong
and free market system,” Nixon
said.
The President’s statement,
which accompanied the report of
the Cost of Living Council’s ac
tivities during the first three
months of the year, paralleled the
recommendatoin made Tuesday
by Nixon’s Labor-Management
Advisory Committee.
The committee, made up of
some of the nation’s top business
and union leaders, said: “We
believe all wage and price con
trols should be eliminated as soon
as possible this year in the belief
that all segments of the economy
will cooperate in such a way as to
make the further extension of the
economic stabilization act un
necessary.”
Farm price trouble seen
Accelerated economic activity early in 1973,
coupled with adverse weather conditions in the
United States and various parts of the world in both
1972 and 1973, are playing major roles in current
and prospective price trends for farm products.
'I This is the situation as seen by Stephen Marks,
Oregon State University extension economist, in the
new issue of the Oregon Farm and Market Outlook
circular, published by the OSU Extension Service.
While prices of many farm products soared to all
time highs earlier this year, farm production costs
rose almost as spectacularly, the economist notes.
These events signal mixed blessings and un
certainty to the nation’s food producers. Farmers
whose production equals of exceeds 1972 levels
should realize increased 1973 gross and net incomes.
Those who have losses due to weather and a lack of
fuel are likely to see their income drop or improve
very little, he adds.
Weather conditions between now and harvest, and
the availability of fuel, will be important deter
minants in the ultimate marketable crop tonnage
from this year’s production, Marks stresses.
In the Pacific Northwest, it appears drought will
hold down yields in the major grain and hay—
growing areas and in other areas where irrigation
water is short.
Nationally, Marks believes rain—soaked and
flooded lands, particularly in the Midwest, will limit
the output of grains and their availability for
livestock and poultry feed Delays in planting and
deliveries of gasoline and fertilizer, coupled with
shortages of certain grain seeds for planting, will
have an influence on the availability and prices of
livestock feeds this fall and next winter.
“Unless Providence smiles upon the U.S and
world crops, flocks and herds and their growers in
the months ahead, food production costs and retail
food prices are not likely to come down. Even if
demand—pull pressures were to subside, marketing
costs will likely continue to increase,” the
economist observes.
Currently, demand for food in the world and the
United States is increasing, while food production
seems to be lagging behind population gains, Marks
adds The imbalance appears to be worsening with
present world grain crop prospects.
“While present 1973 prospects are for increased
world grain production over 1972, the increase may
not be enough to offset the draw—down in world
grain reserves during the past two years, this will
probably hold back needed expansion in the meat
animal population,” he observes.
The world red meat situation promises to remain
one of continuing shortage in relation to increasing
human population and demand. World cattle
population increased at an average rate of only 1.4
per cent during the past four years, while sheep and
hog numbers decreased. At the same time, human
population increased 2 per cent, the economist adds.
The 1972 increase in cattle population was limited
by drought conditions in Russia and Australia.
However, 1973 preliminary figures indicate a fur
ther increase in cattle numbers and a reversal in
the downward trend in world hog and sheep num
bers.
Marks does not expect poultry and egg supplies to
increase much, if any, this year, due to high feed
prices, particularly for soybean meal and fish meal.
Copies of the Outlook circulars are available from
county extension offices or from the OSU Bulletin
Clerk. Corvallis 97331.
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