ABC Evening News for Friday, Nov 03, 1978
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(Studio) Drop in unemployment in October reported Incr. in prime interest rate stated. Senator Banking Committee hearing in Washington, DC on President Carter's new anti-inflation plans noted.
REPORTER: Max Robinson
(DC) Details of hearing given. Committee concerns about Carter program possibly resulting in recession and higher unemployment noted; White House econ. adviser Charles Schultze's response reported [Senator William PROXMIRE - asks why fiscal 1980 budget can't be balanced.] [SCHULTZE - believes argument is about degree, not necessity.] [Senator John HEINZ - questions Schultze about administration's request for vol. price controls and its apparent lack of ability to keep own budget controlled.] [SCHULTZE - says administration aims for budget policy good for long run; believes shock treatment does more harm than good.] [HEINZ - disagrees; states reasons.] Questions to new anti-inflation chief Alfred Kahn outlined. [KAHN - says only hope is that all concerned recognize that mandatory wage and price controls are undesirable and that present program must work.]
REPORTER: Dan Cordtz
(Studio) Breakdown of unemployment figs. for October given. Upcoming report on reaction to United States economy news abroad noted.
REPORTER: Max Robinson
(Studio) United States dollar's gains during week outlined; effect on Americans abroad reported.
REPORTER: Peter Jennings
(London, England) Case of Barbara Muldowney and effects of dollar values on her buying power detailed. [Ms. MULDOWNEY - describes situation.] Changes in British food prices, in terms of dollar values, in last week noted. [Ms. MULDOWNEY - says dollar values abroad didn't mean anything to her before, but now do.]
REPORTER: Greg Dobbs
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