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Wednesday February 1, 1978
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This Day In 1970's History: Wednesday February 1, 1978
  • President Carter appealed directly to the American people to back the proposed Panama Canal treaties, which he described as being in the "highest national interest." In a televised fireside address, he offered an item-by-item rebuttal of the main objections raised against the pacts. [New York Times]

  • A shortage of electric power in some regions may occur within days or weeks, depending on the weather, as a result of the nine-week coal strike. Coal reserves are running short, particularly in industrial Ohio. [New York Times]

  • President Carter's budget drew fire from both ends of the political spectrum in Congress and some of its economic assumptions were questioned by the Congressional Budget Office. Even before Senate hearings opened, Republicans said Mr. Carter was underestimating costs that would raise the deficit dangerously. Liberal Democrats accused him of breaking campaign pledges by not directing sufficient funds to meet people's needs. [New York Times]

  • New efforts to fight inflation were urged by Paul Volcker, president of the Federal Reserve Bank of New York. He suggested that Americans were being lulled into complacency about the rise in living costs. [New York Times]

  • Stock prices advanced on a broad front, with gaining issues leading losers on the Big Board by a 2 to 1 ratio. The Dow Jones industrial average showed a modest decline at midday, but finished at 774.34, rising 4.42 points. [New York Times]
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