Vanderbilt Television News Archive

(Studio: Dan Rather) Report introduced.

(New York City: Ray Brady) Budget summit mbrs.' slowness to rectify budget deficit situation causing international stock mkts. to plummet reported; details given, scenes shown. [Mkt. analyst Frank KORTH - discusses need for budget deficit to be cut and impact upon stock market] Stk. Mkt. Report [Trader Jack BAKER - says investors will not trade as they had previously because of the indecision in DC.] President Reagan noted being criticized for not acting quickly. [Great Britain's prime minister Margaret THATCHER - describes economy situation in the United States.] Senators' reactions to economy problems and possibility of freezing Social Security for 1 year discussed. [Senator David BOREN - says there is really a crisis.] [Senator Dan. EVANS - says the consequences of a freeze are enormous.] Brokers from around world reported saying real spending cuts have to be made before deficits can be corrected.

(Studio: Dan Rather) The freeze in Social Security and cost of living increase equating to 21 less a month per person receiving benefits reported Report introduced.

(Los Angeles, California: Terry Drinkwater) Reactions to cuts in Social Security and cost of living increase for elderly featured; scenes shown. [WOMAN - says Social Security is her only means of income.] [MAN - says to take more money from the wealthy or cut military spending.] [WOMAN - says she is a widow and has no one to help her.] More than half of United States elderly population reported depending on Social Security for more than half of income. Pearl Kibrey's reasons for needing Social Security featured. [KIBREY - says she needs the benefits for the basics of living which cost a lot.] [WOMAN - says the country must come first.] [MAN - says he can make the sacrifice.] Memories of the Depression reported worrying nation's older people. [MAN - says cut everything except Social Security because he cannot go out and get a job.] [WOMAN - says she has paid taxes all her working life and will fight these proposed cuts.] Elderly voters' future decisions reflecting how cands. stand on Social Security issue mentioned.