The Perry Daily Journal (Perry, Okla.), Vol. 75, No. 153, Ed. 1 Thursday, June 20, 1968 Page: 4 of 10
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Paradox Created By Jobs, Infiation
has been reached and that one creases, and making American are likely to reassess their costs
or the other inflation or jobs- products less competitive in of doing business and impose
By JOHN CL NNIFF
AP Business Analy st
NEW YORK (AP) During
recent months the job situation
has been at its best in nearly 15
years and inflation at its worst
in about 17 years And in that
relationship lies one of the most
baffling problems of practical
economics.
The problem is this: can a
free economy obtain full em-
ployment without inflation? Or,
as seems to have been demon-
strated, is a point reached
where a scarcity of labor inevi-
tably means higher prices?
The reasons for this diabolical
relationship are not obscure: a
scarcity of labor means that
wages are bid up, causing
prices also to rise; a scarcity of
labor means that low productive
ity workers must be hired
Despite this relationship, the
Emplymnent Act of 1946 com-
mitted the government to a
search for economic growth
with stable prices and full em-
ployment. Growth and stability
have been achieved at one time
or another since then. But full
employment at the same time
has been reached in definition
only.
In 1966, when unemployment
was reduced to 4 per cent, the
administration claimed its "in-
terim goal" had been reached.
At least for the time being, this
was "full employment." An un-
official goal of 3 per cent then
was set.
True, the rate of joblessness
has slowly been approaching
that goal. But so has inflation
been growing.
A situation seems to exist,
therefore, that for the time
being aborts the best intentions
of economic planners. An ob-
vious solution is controls on
wages, prices and credit, but
such controls mean the cessa-
| tion of a free economy.
In the absence of controls, it
is not strange to find the ex-
tremely low unemployment rate
of 3.5 per cent of the total labor
‘ force in May accompanied by
inflation of about 4 per cent.
The low jobless rate meant
that 75.9 million workers had
jobs and only 2.8 million were
| without employment. The high
rate of inflation meant that a
must soon give way. And it price, the administration is now their own economic restrictions,
looks as if jobs might be the los- committed to an economic slow- and perhaps automate more.
er. down. Labor Department figures
In the latest forecast from theMany forecasters assume show that hourly wage costs are
Wharton School of Finance & there will be a surtax or a gov- now rising much faster than in-
Commerce, a part of the Uni- ernment spending cutback, or a this year’s worker on average
versity of Pennsylvania, the combination, although admit- is producing 4 per cent more
rate of unemployment is pro- ting the uncertainty of such ac- than a year ago, wage costs
jected to rise to 4.4 per cent by tion. Even without these brakes, have jumped even higher,
the spring of 1969 before declin- they feel, the economy is head-
ing again. ed for a slight slowdown.
Fortune magazine sees the Regardless of how accom-
rate rising to between 4 and 4.5 plished, it seems imperative for
per cent, depending upon how the American economy to be de-
drastic might be the measures flated so as to protect the sound-
3. The work force temporarily
vill be increased—although the
number of jobs won’t necessari-
ly rise—by an in flow of teen-
agers seeking summer employ-
ment.
man earning $10,000 a year was______Auuduice
secretly being taxed at the rate to douse the flames of inflation ness of the dollar. And a deflat- It may be too early to say that
Among reasons offered by ed economy means fewer jobs. full employment can be attained
2. As worker productivity only at the expense of enduring
1. With inflation eroding fixed | lags, the result partly of using inflation. But it cannot be dis-
feel that an economic impasse incomes, canceling out wage in- marginal help, manufacturers proved at this time.
of $400 a year. - --------•.....
It isn’t a surprise either to various sources are these:
find that some economists now
THE MORE YOU BUY THE MORE YOU SAVE
Fruit Drinks
Del Monte
5 Delicious
Flavors-
16-oz.
Cans
for
Check These Meat Value:
Raof Chore Dine Lean Meaty S
DCCT 101 AIDS Ribs, Barbecue , 39c
ClifAi Raran Wilson’s Corn
011 64 Ducon King Tray Pack
,b COA
Pkg 070
Sliced Bacon To o A 2 1 $113
Safeway Brand Picke, Olive, All
Beef Bologna, All Meat Bologna, Mac. & Cheese
Your
Choice
6-or.
Pkg.
2
Skinless
Franic Bar s’lb. 57c
ITORAS All Meat Pkg. •/ Y
Sandwich Spreade Lucerne 8-02.306
JUR0 WY 1111 PPI C U U3 3 Varieties Pkg.07Y
Fish Crins Capt. Choice- 2
FTDH CIIPD Reg. 49. Pkg. J
8 oz. 086
Pkgs. 7 OY
( onkad Fish Captain’s Choice 60/
U OUACO TTDI Perch or Haddock Ib. 076
Perch Fillets angteO—SAVE15F 21. 8 9c
Fish Portion captain’s Choice 11-b. 80/
ATJH T OIIIVHBreaded Cat or Perch Pkg. 07Y
Cat Fish
Icelandic Fillets- lb.
You SAVE 146 Pks,
Fish Sticks
24 oz.
Pkg.
59
79c
hiie
Thursday, June 20, 1968
P. 4, Perry Daily Journal
Abby gives her advice, daily
in The Journal.
MUTUAL FUNDS
SALES & SERVICE
LIFE INSURANCE
Bookkeeping Service
Appointments Day or Night
Edwin J. "Ed" Martin
1415 Country Club Drive
336-2138
0
You
SAVE
i t
Prices Are
Effective Thru
Sat., June 22nd
In PERRY
Tomato
Chunk T
Green Peas
Green Bed
GUARANTEE
ever 0
purchase of
fails to please
: soever just tellus
UT money promt
50 EXTRA
GUNN BROS STAMPS
With The Purchase of Any
2-1b. Pkg. or More
GROUND BEEF
Offer Expires Sat., June 22
50 EXTRA
GUNN BROS STAMPS
With The Purchase of a
2 lb. Pkg. Thick or Thin Armour Star
SLICED BACON
A Del Mom.
a tind Fine Quality
4 100
46-0.
Cans * Ph
You
SAVE
23c
10
Breast O’ Chicken
Light Meat-
6/roz.
Cans
09
2.60
Green Giant Medium ba 303 O A T
Sweet Green Peas
Cans
ne 2.40
B ^ .a Kitchen Sliced LOA 303 W ) 1
W I ■ ach Bi Cans ) A
... look at these excellent meat values!
SDA(
HOICE)
U.S. Choice Heavy Beef Blade
Cut Chuck Pot Roast
Safeway’s
Special
Low Price!
f
You
SAVE
5c
You
SAVE
8c
You
SAVE
18<
ib:
Shoulder Roast
Boneless Roast
Arm Roast
Offer Expires Sat. June 22
U.S. CHOICE BEEF OVEN ROAST!
Rib Roast Short Cut Large End
AIM AVu21 Flavorful Roast
DIL Dane# Short Cut Small End
AIM KO03T Tender Beef Roast
Ib. 07
b. 98c
Sirloin Tip Roast Pong/sienr $119
• GOFYeHs 402,1892, (Bas, 147, SAFEWAY STORE, INGERFOME
-
yo.
LOOK AT THESE LOW PRICES
lvary Caan Medium
IVOTY 2000 Size Bar
Comet Cleanser
3for 39c
• 14-oz.
4 Cans 37
Mr. Clean Cleanser Liquid Both 69c
Top Job Cleaner Liquid HoRC 39c
Downy Fabric Softener
Camay Soap Ere
Safeguard Soap
Zest Soap
Bath Size
Deodorant
I u CPersonal
Ivory Soap Size Bars
J.S. Choice Beef A A
Bone Cut T
‘01 Roast Lb. VUY Lava Hand Soap Ra
J.S. Choice
Shoulder
Pot Roast
U.S. Choice Beef Round
Bone Arm Pot Roast
Juicy And Tender
ROr
L. UUY
.65€
Spic & Span Cleanser
Cinch Spray cleaner
NEW
33-oz,
Botl.
79c
2 for 37(
9 Bath A0i
2 Bars 49c
2°49t
4 for 33c
2- 41c
Cans 32;
22-oz. 70.
Botl. / 7C
SCHICI
Leg Quarters BMpOCue lb. 39c
Rranst Ouartare Ideal For AKA
Dicusi VUBITCTS Cuts Bb DOT
Calart Park Equal Pieces
0 CIeiT FOCA Breasts and Thighs JY
BAR s
Sausage
2 Lb. QQ
4 Pkgs. 07
RON
SCh
With a Schick Shave... all you feel is good.
Blades
o For art
I_J0
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Watson, Milo W. The Perry Daily Journal (Perry, Okla.), Vol. 75, No. 153, Ed. 1 Thursday, June 20, 1968, newspaper, June 20, 1968; Perry, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc2246907/m1/4/: accessed July 16, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.