• Short Summary

    The state of the economy in the U.S. is causing grave concern in washington. A?

  • Description

    The state of the economy in the U.S. is causing grave concern in washington. A dozen senators have introduced legislation to combat inflation with tough new wage and price guidelines. President richard Nixon, however, has said that such policies always fail. Similar guidelines laid down by presidents Kennedy and Johnson were abandoned by President Nixon in 1960, who said at the time that the policy was unfair and ineffective. At his press conference on Wednesday, President Nixon insisted the economy is sound, despite an unemployment rate hovering near a 10-year high, and continuing inflation.

    One of the contributing factors to the inflation is strikes. Mr. Nixon said he plans to inject his office more strongly into negotiations for major labour contracts, but on a case-by-case basis. With the railroad and steel pacts signed, Mr. Nixon may turn his attention to the five-week west coast dock strike. That strike is threatening the loss of a huge wheat harvest in the northwest. Because the wheat cannot be shipped to its foreign markets, the grain is being stored in the open.

    SYNOPSIS: More than a hundred ship are at anchor off the west coast of the United States, awaiting an and to a dock strike. According to both sides in the dispute, it is like to be a long wait. The strike began almost five weeks ago. There have been some negotiation on local issues, and those talks continue, but there are no talks going on--and none scheduled--on an overall contract. About the only cargo moving is military, as the longshoremen have agreed to move it.

    The strike is having a serious economic impact even now. Wheat farmers are feeling it. Eighty-five per cent of the wheat grown in the United States's northwest is old on the foreign market--Japan, Thailand, the Philippines. The wheat harvest is at its peek. This year's prop is one of the best in years. Storage facility are overburdened, and without export, the elevators and storage bins have no turnover in grain, and the wheat is being store din the open. Foreign buyers say the must have their wheat soon. and they cannot get it from the united States, they will turn to other nations. Some have already contracted with Canadian supplies Western wheat growers are now fearful that if the dock strike not settled soon, their foreign market will have disappeared.

    The strike is also causing problems in Hawaii. The islands are dependent on maritime shipping for almost everything. In Hawaii the individual consumer is feeling it. Stocks of many commodities are running low. Some produce in being shipped in by air, but bulkier items are impractical, except by water. One item, hard in short supply in Hawaii, is pineapple, but there is concern there too. Hawaiian growers say they will lose much of this year crop, if they cannot ship it out soon.

  • Tags

  • Data

    Film ID:
    VLVA3CTSJZ4FNB8VXFYP1204M84FQ
    Media URN:
    VLVA3CTSJZ4FNB8VXFYP1204M84FQ
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    06/08/1971
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:32:00
    Time in/Out:
    /
    Canister:
    N/A

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