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Economy #51671

ABC Evening News for Thursday, Nov 16, 1978
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(Studio) Concerns about economy and outlook for success of President Carter's anti-inflation program noted. Program head Alfred Kahn's suggestion of possible depression reported President Carter's remarks about program and its future stated.
REPORTER: Frank Reynolds

(DC) President's statement of disbelief in significant economy setback in 1979 unless anti-inflation program fails completely noted. Carter's pledge to hold present course regardless of predictions by many econs. about consequences stated. His address to anti-inflation forum at White House reported [CARTER - is preparing 1980 budget and hasn't had pleasant session yet. Discusses displeasure that special interest groups and powerful political forces will find in that budget. Says inflation is number 1 political issue in minds of American people.]
REPORTER: Sam Donaldson

(DC) Testimony of Federal Reserve chairperson G. William Miller to Senator Banking Committee about United States economy outlook noted; details of 1979 predictions about national output, unemployment and inflation rate given. [MILLER - says price to pay for getting things in order is slower growth rate than desired.] Chgs. that Fed.'s policy of pushing up interest rates is to bring on recession stated. [MILLER - says bringing on recession isn't effective. Recalls events of recession in 1974-75.] Probability that interest rates will go higher reported.
REPORTER: Dan Cordtz

Reporter(s):
Cordtz, Dan;
Donaldson, Sam;
Reynolds, Frank
Duration:
00:03:30

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