Word: iv
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...most industries the new rules will take hold on Aug. 12. Until then the price freeze will remain in effect. But food processors and food sellers, doctors, dentists and hospitals will immediately go under the more flexible Phase IV rules. Wholesale food prices began rising only hours after the announcement of Phase IV, which permits processors, wholesalers and retailers to pass on the entire increase in the cost of raw farm goods. Supermarket executives hastily called meetings to set price increases, which will begin to show up on shelves early this week. Some items may jump as much...
...Freeze. One major reason for the food price rises is that spiraling costs of animal feed, caused largely by unbridled grain exports, especially to Russia, have prompted farmers to raise less livestock than they had planned. The price freeze resulted in even lower production of hogs and chickens. Phase IV regulations, which will keep beef prices frozen until Sept. 12, will further hold down beef production. Explains Bill Jones, executive vice president of the National Livestock Feeders Association: "This blunder is likely to jeopardize supplies because feeders will hold their cattle off the market until after Sept...
...sheer complexity, Phase IV exceeds all the former controls programs...
...past, the start of a new anti-inflation program was usually the signal for an outpouring of optimistic predictions by the Administration's economic policymakers. This time the mood was subdued. Announcing Phase IV, Treasury Secretary George Shultz noted that the inaccurate forecasting in the past "leaves you a little humble." More remarkable was the rare admission of failure that President Nixon issued from his hospital bed. Nixon conceded: "Confidence in our management of our fiscal affairs is low, at home and abroad." As to the freeze, which the President imposed against the advice of his aides, he said...
...current fiscal year, Nixon aims for a balanced budget, which will mean holding spending to $268.7 billion. That will require cuts in some programs, but pocketbook-pinched Americans will at least be iii spared a tax increase. The Administration decided against including a tax rise in Phase IV, fearing that it would be "fiscal overkill" that could tip the economy into recession...