 |
|
 |
| View previous topic :: View next topic |
| Author |
Message |
Kizzume
Site Admin
Joined: 31 Dec 1969
Posts: 2832
Location: Tacoma, WA USA
|
 Posted: Fri Dec 21, 2007 1:13 am Post subject: I found an old newspaper from 1980, about Carter & econo |
 |
|
| Quote: | Tacoma News Tribune
Friday, March 14, 1980
---------------------------------------
Carter to unveil economy program
WASHINGTON (AP) ? This is what Americans can expect from the new anti-inflation program President Carter is unveiling today:
The first balanced budget in 12 years.
A 10-cent-a-gallon increase in gasoline prices.
An increased wage standard.
Pared spending plans.
Higher interest rates, credit controls, and no more Saturday mail deliveries.
Those are the anticipated highlights of the president?s newest strategy to contain inflation. He was to announce the program today in a White House speech at 1:30 p.m. PST. He will hold a nationally broadcast news conference at 6 p.m. to answer questions about the program and other topics.
KOMO, Channel 4, will delay broadcasting the news conference until 11:45 p.m., following ABC?s regular update on Iran. Other networks are expected to carry the news conference live.
White House Press Secretary Jody Powell said final decisions still were being made after the last round of consultations with congressional leaders Thursday evening, culminating a two-week process in which Carter?s aides met with hundreds of people.
Asked whether the president had made up his mind, Powell said: ?If he has, he didn?t give any indication of it? in the Thursday meeting with Democratic congressional leaders.
Carter conferred briefly with Treasury Secretary G. William Miller after the Democratic meeting broke up at 9 p.m., Powell said.
According to Republican congressional leaders, who met with Carter several hours before the Democrats, and according to other sources, the president wants to reduce planned spending in fiscal 1981 by $12 billion to $15 billion.
To bring income and expenses into balance in the fiscal year beginning Oct. 1, he will impose fees on imported oil that will raise approximately $10 billion and increase the cost of a gallon of gasoline by 10 cents, the sources said. But Powell refused to say whether the fees were in Carter?s plans.
Keeping one clearly inflationary factor away from the president?s announcement, the administration formally increased on Thursday its 1980 voluntary wage guideline to a rate of 7.5 to 9.5 percent.
Carter?s original $616 billion 1981 budget, submitted six weeks ago, showed a deficit of $15.8 billion. With the proposed spending cuts and the increase in revenues, there would be a slight budget surplus. The last balanced budget was in 1969.
Although increased interest rates and gasoline prices could worsen inflation in the short run, the administration believes they will help in the long run by cutting demand.
While a balanced budget is not expected to have a large impact on inflation, it is seen as offering a psychological boost, showing an inflation-worried nation that the government is trying to put its own economic house in order.
The announcement of the new program was timed to take place after the financial markets close for the weekend.
While some of the spending reductions would have to be approved by Congress, Carter has the authority to impose the oil import fees and credit controls.
Democrats support the program, aimed at trimming an inflation rate that has hit an annual rate of 18 percent.
Rough agreement between the administration and Congress on balancing the budget was worked out over more than a week of negotiations.
Among the programs not expected to suffer were Social Security and defense spending.
|
I think it's interesting that there are so many points brought up in that article that makes things interesting to me:
1. "KOMO, Channel 4, will delay broadcasting the news conference until 11:45 p.m., following ABC?s regular update on Iran. Other networks are expected to carry the news conference live."
KOMO 4 news was willing to do something totally different than the other stations--and it also said "are expected to carry", not "will be carrying".
2. "the president wants to reduce planned spending in fiscal 1981 by $12 billion to $15 billion."
It just sort of quickly brings things into perspective. I don't see many articles cited from this period. I see articles from the 60's show up a lot.... anyway.. blah blah..
3. "Carter?s original $616 billion 1981 budget, submitted six weeks ago, showed a deficit of $15.8 billion. With the proposed spending cuts and the increase in revenues, there would be a slight budget surplus. The last balanced budget was in 1969."
Something doesn't compute. Something doesn't seem right here.....
anyway... I'm sure this post is long enough now....
_________________
Meow.
|
|
| Back to top |
|
 |
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum
|
| |
|
