ABC Evening News for Thursday, Dec 18, 1980
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(Studio) Govt. loan guarantee board said meeting in Washington, DC with regard to Chrysler situation. Other companies said also in trouble. First task of Reagan administration said stopping inflation and stimulating economy Special Assignment introduced
REPORTER: Frank Reynolds
(NYC) Old film of Franklin D. Roosevelt shown. Roosevelt actions during 1930s Depression recalled. Govt. money said still being poured out to incr. demand, resulting in high taxes. Ecology laws said imposing high costs on industry, and drying up investment capital, resulting in too much money, too few goods. Reagan said favoring supply-side econs. [American Enterprise Institution Rudolph PENNER - defines supply-side econs.] Reagan tax-cut plan described. Kemp-Roth tax bill noted. Object said to be to allow high income bracket to save on taxes for purposes of investing savings in goods-producing industry, thus stimulating emp. [Representative Jack KEMP - explains rationale; notes Reagan belief with regard to economy] Liberals said to oppose across-bd. tax cut as too generous to rich. Conservatives said worried over size of cut. Reagan administration said proposing cut in fed. spending and cut in federal red tape to save business money. Possible outcome considered.
REPORTER: Dan Cordtz