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Show Sunday, August 25, 1974, THE HERALD. Provo, Utah-P- age 47 Top Economist Claims: Recession, Inflation, Job Lack To Continue to Plague Country By MIKE FEINSILBER WASHINGTON (UPI) - A respected economist says the United States is in for at least another year and a half of recession, inflation and unemployment no matter what the government tries to do about it. Testifying before the new Senate Budget Committee this week F. Gerald Adams of the University of Pennsylvania's Wharton School of Finance and Commerce foresaw a U.S. economy whether or not Congress takes President Ford's advice and cuts federal spending by $10 billion. The spending cut might reduce recession. The Dow Jones Industrial Average continued its descent, closing Thursday at 704.79, down 6.80 points. It fell below the 700 level for the first time in more Noise Plan Receives Support WEST JORDAN, Utah (UPI) Although concerned about the noise aspect, area residents attending a hearing on a $2.15 million development plan for Salt Lake City's Municipal Airport No. 2 this week expressed support for the project. The plan, designed by Bech-te- l, Inc., San Francisco, is aimed at helping the airport handle general aviation needs into the the projected 1975 inflation rate from 8.2 per cent to 7.7 per cent, Adams said. But it would also produce an unemployment rate of 6.7 per cent instead of 6.3 per cent. is Currently unemployment running at about 5.3 per cent of the civilian work force. And 1990s. Adams foresaw a 1974 inflation The plan, according to airport rate averaging out at about 10 General Manager Murray percent. will allow the airport "to His gloomy forecast came when needed" yet not force against a gloomy background of grow development. unnecessary economic developments The airport, he said, would be used solely for general aviaThe Commerce Department national the tion, not commercial aircraft. gross reported Kearns Town Council reprproduct dropped during the Velma Steele second quarter of this year by 0.8 esentative severe less about the This cent. concern was far expressed per than the 7 per cent drop of the noise level but was told the first quarter, caused partially by Federal Aviation Administration Two says the levels would not ban the energy shortage. declines GNP residential or commercial straight quarterly is the classical definition of a development in the area r, : . rati mm than four years. The White House said the Ford administration had under study "along with many, many other things" a increase in federal gasoline taxes with the revenue used to perhaps. $10 billion offset a cut in personal income taxes for the poor. "It's just one of many proposals in the mill," said Jerald terHorst, rJ Ford's press secretary. Kuwait and Venezuela announced they were cutting back oil production because they said oversupply was pushing prices down. Kuwait, currently producing 2.55 million barrels a day, has already cut back but will lower production even more to keep prices high, the Arab nation's oil minister said. Congress completed action and sent to Ford a bill designed to make sure that pensions will be waiting for workers whose employers have pension plan. But the bill does nothing to increase pension payments or to require employers to pay ment said the worldwide drought was relieved by August rains, particularly in hard-hi- t and also in wide areas of China and India. The rains pensions. Assistant Agriculture Secreafter tary Clayton Yeutter, meeting with a Japanese government team, predicted that Japan would voluntarily cut its feed of livestock purchases U.S. from the by nearly 10 grains per cent. He said this would make legal export controls proposed unnecessary despite the sharp drop in the U.S. crop brought on by drought. The Agriculture Depart arrested the PRICES EFFECTIVE TIIUR i declines j AUGUST in prospective output, but came too late "to assure good yields in some key producing areas," the experts said. The Commerce Department report on the economy during the April-Jun- e quarter said the nation's inflation rate was 9.6 per cent for that period. The first quarter rate was still higher 12.3 per cent. These were the highest rates of inflation to visit the United States since early . I Sf OLD FAITHFUL BONELESS WHOLE 1951. In his testimony on Capitol live out its current seige of inflation. He said Congress should alleviate its pains through tax cuts for the poor or d jobs he said Congress could do little to halt the inflation. government-create- Adams opposed Ford's billion cut in spendingarguing it would have minimal effect on inflation whi'e $10 slowing down the economy and drying up jobs. "A buoyant economy creates job opportunities, upward mobility and stimulates technological innovation," he said. In one year the incredibly prolific oyster will lay 500 million eggs. fr iv iw TlB. f THRU FRIDAY WHOLE Hill, Adams said in effect that the country will simply have to WILSON ROUND OR SQUARE Vi LB. VARIETY PACK DOUBLE BREASTED t,whday 28, 1974 mm vsm ii i II j i9 1 nit PKG. I flfffiCB cm o rTTl'.TTTl.l'l (ntfmriRO ftiteaouffl mate 9 IP 3 Walker H.mkard j QfflGm3G32i)(!Q mm mm i |