The Daily Banner, Greencastle, Putnam County, 30 July 1968 — Page 3
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Tuesday, July 30, 1968
The Daily Banner, Greencastle, Indiana
Page 3
Lower Cost EDUCATION LOANS
Swim meet at Robe-Ann
Okun expresses
economic views
College or further education may increase your child’s life income
The sixth annual county-wide swim meet will be conducted at the swimming pool in Robe Ann Park, Sat., Aug. 3, at 4 p.m.
200/000 M MORE
The meet is sponsored by the Greencastle Jaycees.
Your credit can be as good as cash to continue your child’s education. Let us explain our special education loan plan for college, trade school, business school, nurses training and other schools. You get the amount you need each year with a payment you can afford.
Contestants will be divided into the following age groups: 8 and under; 9 and 10; 11 and 12; 13 and 14; and 15 to 17. Boys will compete against boys and girls against girls.
UP TO $5,000 OR MORE Rates only SB.00 per hundred per year
Events will follow the following schedule: freestyle, backstroke, breaststroke, butterfly and individual medley.
65 Years of Experience Local FinanceJ LOANS, INC.
Registration blanks are available in the local newspapers and at the Robe Ann Park and Windy Hill Country Club swimming pools.
See Mr. Joyce 1 W. Franklin St. OL 3*3113
Winners of each age limit and each class will represent the Greencastle Jaycees in the region meet to be held in Attica, Aug. 10. Region winners will compete in the state meet to be held in Auburn, Aug. 24.
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EDITOR'S NOTE: Arthur M. Okun, chairman of the President's Council of Economic Advisers, discussed the nation’s economic outlook during an interview with UPI’s correspondent James L. Srodes. The following dispatch describes up Okun’s major conclusions. By JAMES L. SRODES WASHINGTON (UPI) — Prices will rise less rapidly during the second half of this year. Spending will decrease, along with the threat of inflation. Peace in Vietnam would dictate a complete reassess, ment of the nation’s fiscal commitments Those are the views of Arthur M. Okun, chairman of the President’s Council of Economic Advisers, now that the 10 per cent income tax surcharge is in effect and federal spending is being reduced. With 250 major labor contracts due for negotiation this year, and with strikes threatened in some major industries, the 39.year.old former Yale professor is chiefly concerned just now with possible new inflationary pressures from wage and price increases. As for the immediate outlook, Okun had this to say: “Probably the most obvious indicator to the ordinary citizen will be that prices will slow their rate of increase during the second half of this year. I don’t claim this is due to the tax increase, however. I think slowdowns in steel stockpiling and auto production will work with other factors to give us a slower second half. “But it may well be that the slowdown in the economy’s growth rate ill become evident sooner than the benefits—such as lower price increases or a turnaround of interest rates. “The problem is that once you get inflation in motion it doesn’t stop immediately. We’ve certainly turned off the engine with the tax increase, but we are still coasting uphill and it
4-H news
July 17 at 1:30 p.m. the ninth meeting of the Busy Belles 4-H Club was called to order by the president, Carolyn Hurst. Mothers of the club members were honored during the meeting. The 4-H pledge was led by Sue Clifford and the American pledge was led by Gwen Porter. Roll call was answered by 18 members and 12 guests. The secretary’s and treasurer’s reports were read and approved. It was announced that the signs for the east and west boundaries of the township have been ordered and should arrive in the near future. Club members also discussed plans for a trip to the Lafayette Park, Aug. 11. Members will leave Belle Union at 10 a.m. Achievement sheets were completed. “How to Make Ham Salad’’ was the theme of a demonstration led by Polly O'Neal. For the health and safety lesson, Cathy Frye Discussed “Beauty Tricks.”
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will take some time before you see an effect on prices and wages.” These were other highlights of Okun’s question-and-answer session with UPI: Q— How soon will we see anything? You once compared the U.S. economy to a fat lady munching chocolates. When does she start to get her figure back? A—I think we have her on a diet right now and there is no question that by the time you see third quarter figures for our gross national product, it will be evident that there has been a dramatic change of pace from the first two quarters of the year. You will see the general tone and buoyancy in markets affected. I say the main factor behind the inflation of the past year has not been acute shortages in any area but rather a buoyant economic environment where nobody was much concerned about pricing himself out of the market. It was just too easy to raise prices and let the consumer feel the burden.
This will change and some of the change will not be welcome or desirable but it is the price we pay for taking some of the steam out of the economy. Q—Will one of the unwelcome changes be higher unemploy, ment levels? A— I don’t think so. I think it will stay in the 3.5 per cent to 4 per cent range during the year, higher certainly in the second half than the first, but only by a few tenths of a percentage point. Q—What about the housing industry? A—I think housing has really been on its way down for the last couple of months. It has been surprising to me that it has held up as well as it has. Q—How long should we keep the surcharge? A—Any judgment I make is not really a judgment made as an economist and certainly not as the President’s economic adviser. I surely would not like to see a big growth in federal expenditures without the tax revenues to pay for it. Nor would I like to see the tax left on without having some expen-
ditures to provide some stimulative offset. I think the job of cooling off the economy will certainly be
done by early 19G9 and I don’t think we need a sedative to keep the economy slU'/.gish beyond that date.
IsH
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