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June 22, 1971 - Image 7

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Text
Publication:
Michigan Daily, 1971-06-22

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Tuesday, June 22, 1971

THE MCHIGAN DAILY

Page Seven

Tuesday, June 22, 1971 THE MICHIGAN ,DAILY Page Seven

Economy suffers setback

Nader strikes again
Consumer advocate Ralph Nader testified before the Senate
Banking Committee yesterday that the government is withholding
vital information on the request for a 250 million federal loan
guarantee for Lockheed Aircraft Corp.

Se wsbriefs
By The Associated Press

I

WASHINGTON (4P) - The gov-
ernment yesterday reported the
biggest jump in living costs of
the year, chipping half a cent off
the value of every consumer dol-
lar in May and setting back White
House hopes to curb inflation.
The Bureau of Labor Statistics
said consumer prices rose five-
tenths of one per cent last month
sharpest since a five-tenths rise
last December, and even higher
-six-tenths-on a seasonally ad-
justed basis.
The seasonal figure was the
sharpest increase in 15 months.
"Higher prices for apparel,
used cars, homes and postage ac-
counted for half the increase,'
the bureau said.
The May rise in living costs
pushed the government's Con-
sumer Price Index (CPI) up to
120.8 of its 1967 base of 100,
meaning it cost $12.08 past month
for every $10 worth of typical
family purchases four ago.
The value of the 1967 dollar is
now down to 82.8 cents, -the bu-
reau said.
The report came several hours
after Secretary of Commerce
Maurice Stans told a labor con-
vention that "The rate of infla-
tion has now come within con-
trollable boundaries and this has
been achieved without a major
dislocation in the nation's econo-
my."
Stants told the AFL-CIO Seafar-
ers International Union that "is
the first quarter of this year the
rate of inflation was down to
about 3 per cent-about half the
average in the first quarter of
1969."
But the later report showed
the 2.8 per cent annual rate of
rise in living costs the first quar-
ter climbed sharply to 4.1 per
cent rate in the three months
ended in May.
Living costs were 4.4 per cent
above a year earlier, still below
SHAGS FOR MEN
UM Union
Barbers
Call 662-4431
for appointmnt

the 5.5 per cent rise in calendar
1970 and the 6.1 per cent hike in
1969.
Sen. William Proxnire (D-
Wis.), chairman of the Senate-
House Joint Economic Commit-
tee, called the CPI rise alarming
and staggering. He said in a
statement the time is long past
for setting up of presidential
wage-price guidelines. He added
he will push pending legislation
to mandate the President to do
so'
In another piece of gloomy
ecenomic news, the Labor De-
partment said claims for unem-
ployment insurance from the na-
tion's highest unemployment in
nine years climbed substantially.
The report on unemployment
insurance showed a total of
245,000 new claims in the week
ended June 12, a rise of 12,500
over the previous week and
2,800 above a year ago. The to-
tal number of Americans receiv-
ing jobless pay the week ended
June 5 was 1,947,000, up 30,900
for the week and 365,400 above a
year ago, which the bureau de-
scribed as substantial increases.

low 1eoae
G e 'ei""d 0 & a
bo
AUSTIN
DIAMOND
1209 S. University 663-7151

I

AMERICAN B-52's yesterday dropped 60 tons of explosives
around Fire Base Fuller, a mountain outpost near the DMZ in an
attempt to halt a North Vietnamese assault there.
North Vietnamese troops pounded the base with heavy mortar
fire Sunday, and scaled the rugged mountain to attack it at dawn
yesterday. The result of the battle is still unknown.
The attack on Fuller is part of a general increase in North Viet-
namese activity along the northern frontier, where B-52's have staged
a week-long campaign against the build-up.
Despite heavy bombing, North Vietnamese troops have shelled or
assaulted several U.S. and South Vietnamese bases in the region in
the last few days.
THE WELFARE REFORM-SOCIAL SECURITY BILL yester-
day passed its first obstacle in the House as an effort to open it to
drastic change was defeated.
The bill provides for a five per cent increase in social security
benefits. It also proposes replacing the federal-state welfare system
with a largely federal one based on President Nixon's $2,400 assured
income floor proposal.
THE ARMY announced yesterday a grand jury style investiga-
tion has been ordered for Brig. Gen. John Donaldson, charged with
the murder of six Vietnamese civilians.
The investigation, to be conducted at Ft. Meade, Md., will deter-
mine if a court martial is warranted against Donaldson, until recently
a key planner for the Joint Chiefs of Staff.
The charges against Donaldson stem from allegations by helicop-
ter pilots that he fired at civilians from his helicopter during a period
between November 1968 and, January, 1969.
Ann Arbor Civic Theatre
announces
AUDITIONS
for the summer play series of
Message From Cougar
Red Peppers
Cecile or School for Fathers
7:30 p.m. Thursday and Friday, June 24
and 25 at Ann Arbor Civic Theatre Bldg.
Auditions for
THE DRUNKARD
July 6 and 7, 7:30 p.m.
Ann Arbor Civic Theatre Bldg.

FREE
Would You Like to Know Your Fasting Blood Sugar?
The Student Health Service Laboratory,. Room 226
will be running this test on Wednesday, June 23;
Thursday, June 24; and Friday, June 25 between
8:00 and 10:00 A.M. PLEASE DON'T EAT after
10:00 P.M. before you come in to have your blood
drawn. Phone 764-8305 for an appointment.
TONIGHT - JUNE 22- ONLY! .
Lewis Milestone's classic anti-war film
All Quiet on the Western Front
Winser of two Academy Awards (1930>--
BEST PICTURE and BEST DIRECTOR
auditorium a 7:00 and 9:30 p.m.
a"l"l"hall 75c
presented by the ann arbor film cooperative
NEXT TUESDAY-Michael Caine in THE IPCRESS FILE
###Em2%25MM MM 2%%EE W 22E MEN##mer

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