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August 08, 1980 - Image 2

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Michigan Daily, 1980-08-08

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v

Page 2-Friday. August 8, 1980-The Michigan Daily
Four 'U' economists
predict recession to
abate by start of '81

4

By United Press International
The recession now gripping the
nation should not extend beyond year's
end, University researchers say, but
the expected recovery should be slow
and jobless rates will remain high.
The economic forecast to be issued
today -.updating one originally made
last November - assumes monetary
policy will remain stable and a $30
billion tax cut will be enacted at the
start of second quarter 1981.
WITHOUT THE projected tax relief,
the University economists conclude,
the economy still would grow but at a
slower ete, while unemployment
would be slightly more persistent and
disposable personal income would be
lower.
Should there be no tax cut andf
monetary policy take a sharply more
restrictive stance, "the economic
recovery could very well 'stall out,' "
said economists Philip Howrey, Saul

Hymans, Harold Shapiro, and Joan
Carey.
It said although positive growth in
real Gross National Product should
resume in 1981, "the initial year of the
expected expansion ... registers only
modest gains in the volume of goods
and services produced."
UNEMPLOYMENT should average
7.7 per cent for 1980 and nine per cent
for 1981, the University economists
said, while real disposable income and
corporate profits also are forecast to be
severely affected by the recession.
"Although inflation in energy prices
can be expected to be considerably
more modest in the next year and a
half," they said, "sharper increases
are forecast in farm prices and the un-
derlying inflation rate remains high."
The rate of inflation should remain
nearly constant over the next four quar-
ters at about a 9.1 per cent annual rate,
then taper off to a fourth-quarter rate of
7.5 per cent in 1981, the forecast said.
"This translates into a little more
than a 12 per cent annual rate of in-
flation in the consumer price index over
the next four quarters with a decline to
11.1 per cent annual rate at the end of
1981," the economists said.

219 S. Main, Ann Arbor
After words (313) 996-2808,
Quality Books at uncommonly low prices

A lively collection
Just about all items Bob Dale would like to add to his collection are at least
six feet underground. And occupied. But those minor barriers haven't stop-
ped the newspaper cartoonist from building his sparse-but probably
unique-collection of 14 antique coffins. Next to locating items for his collec-
tion, Dale's biggest problem has been in storing the macabre group. He used
to keep them in his airplane hanger, but it proved somewhat unsettling for
those who flew with him, so Dale now stores his collection in a barn and
brings them out only at Halloween parties. L
Fab Four foiled
Liverpool, England snubbed the Beatles once again yesterday when its
city fathers turned down a proposal to name streets after Paul McCartney,
John Lennon, George Harrison, and Ringo Starr. The first snub occurred
three years ago when the same group refused to erect a statue of the now
disbanded rock group. Only McCartney will leave a permanent mark on the
town; the town committee decided yesterday to name a yet-to-be-built old
people's home after him, because, according to committee chairman
Richard Kemp, he is the only Beatle "who still keeps his Liverpool connec-
tion." F
On the outside
Skies will be mostly cloudy today with a good chance of thundershowers.
The high temperature will reach 90'.
Happenings
FILMS
Ann Arbor Public Library-And Then There Were None, 7:30 p.m., Main
Library, Fifth Ave. and William St.
AAFC - The Sorceror, 7, 9 p.m., MLB 3.
Cinemp II-Saboteur, 7:30p.m., Foreign Correspondent, 9:30 p.m., Angell
Aud. A.
Cinema Guild-On The Waterfront, 7:30, 9:30 p.m., Old Arch. Aud.
PERFORMANCES
Michigan Repertory '80-"La Ronde," 1p.m., Power Center.
Arbecoll Theatrics Dinner Theatre-"Bell, Book, and Candle," 7 p.m.,
Michigan League Ballroom, reservations required.
MISCELLANEOUS
The Venue-Children's Performance Workshop, 10 a.m-noon, Union Pen-
dleton Room.
Alpha Phi Omega Student Blood Bank-10 a.m.-4 p.m,., Union.
School of Metaphysics-rap session, "The Origin and Purpose of Life,"
7:30 p.m., 219'!2 N. Main
The Michigan Daily
(USPS 344-900)
Volume XC, No. 56-S
Friday; August 8, 1980
The Michigan Daily is edited and managed by students at the University
of Michigan. Published daily Tuesday through Sunday mornings during the
University year at 420 Maynard Street, Ann Arbor, Michigan, 48109.
Subscription rates: $12 September through April (2 semesters); $13 by mail
outside Ann Arbor. Summer session published Tuesday through Saturday
mornings. Subscription rates: $6.50 in Ann Arbor; $7 by mail outside Ann
Arbor. Second class postage paid at Ann Arbor, Michigan. POSTMASTER:
Send address changes to THE MICHIGAN DAILY, 420 Maynard Street,
Ann Arbor, MI 48109.
Th Michigan Daily is a member of the Associated Press and subscribes to
United Press International, Pacific News Service, Los Angeles Times Syndicate, and
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News room: (313) 764-0552. 76-DAILY: Sports desk: 764-0562: Circulation: 764-
0558: Classified advertising: 764-0557; Display advertising: 764-0554; Billing:
764-0550; Composing Room: 764-0556.
Business
Editors-in-Chief .. ....... TOM MIRGA Manager ..... ROSEMARY WICKOWSKI
HOWARD WITT Display Manage? ... KATHLEEN CULVER
Editorial Page Editor ............ NICK Clasified Manager .... AIDA EISENSTAT
KATSARELAS Circulation Manager.. TERRY REDDING
Arts Editor .......... MARK COLEMAN Ad Coordinator.. E. ANDREW PETERSEN
Sports Editor... ALAN FANGER BUSINESS STAFF: Barbara Forslund,
Executive Sports Krisina Peterson, Roberta Zis.
Editor ..... ....MARK_MIHANOVIC SPORTS STAFF WRITERS: Dan Conlin,
NEWS STAFF WRITERS: Sara Anspach, Tony Glinke, Buddy Moorehouse, Jon
Maureen Fleming, Joyce Frieden, Bonnie Moreland, Drew Sharp
Juran, Geoff Olans Elaine Rideout, PHOTO STAFF: Paul Engstrom. Dcvic
Mitch Stuart, Kevin Tottis Harris, Jim Kru

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