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Economy / Ford Report / County Reps. / Food Costs #40051

ABC Evening News for Monday, Jan 26, 1976
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(Studio) President Ford sends economy report to Congress Nation emerging from worst recession since 1930's.
REPORTER: Howard K. Smith

(DC) Econ. advisers forecast 6% increase in GNP. Unemployment to only be cut by 1%; to average 7 1/2%. Inflation expected to continue at 6%. Consumer spending to go up, but can't be relied on to pep up economy Take-home pay won't go up as fast this year as last 1/2 of `75. People will keep saving larger amts. due to inflation fears. Recovery depends on business investments. Admin. feels it is important to increase corporation profits and encourage people to buy stks. To take years to get back to before double-digit inflation and recession.
REPORTER: Dan. Cordtz

(DC) Ford signs economy report [FORD - encouraged by trends. Will do better with regard to unemployment and inflation.] National Association of counties representatives tell Ford they're feeling crunch; that cutting federal taxes increases local taxes. [Supervisor Kern Cnty., California, Vance WEBB - says report not accurate re: local conditions.] [Supervisor Orange Cnty., New York, Louis MILLS - says report wrong.]
REPORTER: Tom Jarriel

(Studio) Agriculture Department says average family spent $1876 in 1975 for farm food; increase of $126 over `74. In `74, costs rose $213. Econs. predict `76 6-no. incr. to be 1/2 of `75 rate.
REPORTER: Howard K. Smith

Cordtz, Dan.;
Jarriel, Tom;
Smith, Howard K.

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