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Economy / Wholesale Prices / Social Security / Energy Plan and Prices #46423

ABC Evening News for Thursday, Oct 06, 1977
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(Studio) Wholesale prices, Social Security taxes and energy costs going up are econ. prospects for Americans in new Washington, DC developments.
REPORTER: Harry Reasoner

(DC) Wholesale price figures for September noted, include those for food, lumber and wood prods., and consumer finished-goods prices. Outlook for prices in mos. ahead cited.
REPORTER: Dan Cordtz

(DC) At Social Security Admin. in Baltimore, experts have been calculating in recent years and have come up with fact that Social Security system could go bankrupt if something not done. In DC, House Ways and Means Committee votes to increase Social Security taxes, beginning in 2 years Details listed. Bill will probably have trouble on House floor and in Senate, where Finance Committee has voted to tax employers more heavily than workers. For now, Senator deals with energy problem.

(DC) Senator deals further blow to President Carter's energy program by voting down proposal for national system of electricity rates based on time of day. Details of proposal noted. Overall energy plan Carter outlined in fireside chat, in April, is undone in Senate (Film of Carter chat shown.) [Abraham RIBICOFF - says committee and program are mess right now.] Consumers and President prevailed in House form of bill because states with most representatives are North industry states. In Senate, energy plan champions include Edward Kennedy and Ribicoff, but they have been outdone by senators from energy producing states, like Russell Long and Lloyd Bentsen. Energy Department just begins to set up, so isn't able to ward off energy industry lobbyists in Congress [Energy Action Committee spokesperson Jim FLUG - says administration tried to do too much at once; cites exs.] There is talk in Senate of simply passing base essentials in bill and let conference committee put together bill that will pass both hses. and that President will sign.
REPORTER: Don Farmer

Cordtz, Dan;
Farmer, Don;
Hume, Brit;
Reasoner, Harry

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