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Dean C. Jackson Grayson's Price Commission lowered the average yearly increase allowed large firms under its Term Limit Pricing rule from 2% to 1.8%. Grayson also properly chastised Agriculture Secretary Earl Butz, who had praised the present high meat prices before a cattlemen's group a few days earlier. Butz's speech was "damaging to the stabilization program," bristled Grayson. "Everyone must work to hold prices down, not push prices up as Secretary Butz is advocating...
Need for Imports. Although Price Commission Chairman C. Jackson Grayson last week expressed concern that the jump in meat prices would hurt public confidence in Phase II controls, there is not much that he can do to stop it. Like other raw agricultural products, livestock is exempt from price control. Prices of processed meat theoretically are subject to control, but the commission has found it impractical to require packers to ask permission to raise prices every time the quotes on live animals rise...
Utility rates became a problem in large part because many of the increases that federal and state regulatory agencies have been allowing are not even close to the Price Commission's overall goal of holding price hikes to 2.5% annually. Commission Chairman C. Jackson Grayson said that many of the 900 rate increases pending around the country are over 10%, and some top 30%. The commission's seven members initially adopted a policy that all but rubber-stamped any utility increases authorized by regulatory agencies. However, when they discovered that 40% of the commission's mail involved...
...sudden freeze does not necessarily foreshadow large numbers of rate rollbacks. Grayson has pointed out that some of the large increases were due to the cost to the utility companies of new antipollution equipment. Such costs can legally be passed on to consumers. Later this month the commission will hold hearings in Washington giving company officials, members of regulatory agencies and customers a chance to make known their points of view. Then in March the commission will issue a comprehensive set of guidelines for the various utility concerns...
Does that confusing system work? In reply, Grayson cited the ultimate aggregate: the Price Commission has already held some 200 firms that account for a quarter of the entire U.S. gross national product to increases averaging only 1.5% over the next year. Another indicator was the index of industrial commodities, many of which are controlled. They rose .3% in December, the first full month after the freeze, compared with an average .5% in the six months before the freeze. As expected, though, there was a much bigger bulge in overall wholesale prices. They went up .7%, largely because of uncontrolled...