President Carter Speaks on the Economy

U.S. President Carter at press conference giving remarks on nation's economy; adult Caucasian and African-American male and female members of the media take notes: "We have been going through difficult times with high inflation and with extremely high interest rates. We are taking steps to bring these under control, and we are beginning, after only a month of the anti-inflation programs being announced, to make some progress. However, we are now entering a very difficult transition period when recent economic statistics suggest that our economy has slowed down and has probably entered a period of recession. I believe that any recession will be mild and short, but I'm deeply concerned about how it affects the people of our country. When I see automobile plant closings, or a sharp drop in housing construction, or very high interest rates for farmers during the planting season, I know the pain and I know the disruption and the heartache that lie below the cold statistics. But I also know that we cannot substantially reduce interest rates, and we cannot make jobs secure until we get the inflation rate down. A month ago, I set a series of tough anti-inflation measures. Congress has been doing an excellent job in carrying out its part by cutting down the prospects for federal spending, leading toward a balanced budget for next year. If we maintain self discipline, this program will work to cut inflation, to reduce interest rates, and to restore the conditions for healthy growth, both in jobs and in economic output. Certain sectors of our economy, of the American people, are particularly hard hit, and within our budget constraints, we are taking steps available to meet those hard times for them. For farmers, a new emergency credit bill, higher target prices for wheat and corn, and opening up of farm reserves to those previously unable to participate in the storage of grain. This will provide some relief for them."