This Day In 1970's History: Friday January 16, 1976
- Industrial production ended on a strong note in 1975, the Federal Reserve Board said in reporting abating inflation and interest rates and other signs of economic recovery. The Federal Reserve's industrial production index rose 1 percent in December, double the increase of the previous two months. This was further confirmation that the recovery has been continuing despite some signs of hesitation last fall. [New York Times]
- Administration officials said that President Ford would propose in his State of the Union and budget messages next week an increase in the Social Security tax next year, increased costs and benefits for Medicare patients, and tax relief for businesses in areas of high unemployment. They said he would also reverse a stand he took a year ago and recommend that recipients of Social Security receive full cost-of-living increases in their benefits. [New York Times]
- Ronald Reagan, campaigning in New Hampshire, said that the poor and minorities living in states resistant to social action might have to migrate elsewhere if those states failed to substitute adequate welfare programs for the federal ones he would like to eliminate if he were President. [New York Times]
- The First National City Bank and the Chase Manhattan Bank turned down a request to appear before the House Monetary Affairs subcommittee next week to discuss the circumstances that led to their inclusion on a so-called "problem list" kept by the Comptroller of the Currency. Officials of the two banks said they were prevented by federal regulations from discussing the Comptroller's findings of their financial soundness. [New York Times]
- Two Lebanese air force jets attacked leftist and Palestinian forces besieging the Christian town of Damur 12 miles south of Beirut. Their target was a group of gunmen who had ambushed a Lebanese military convoy traveling north from Damur. It was not clear who had ordered the air attack. Moslem leaders said that Prime Minister Rashid Karami, a Moslem, had instructed the air force not to intervene. The Palestinians and the Moslem Druses who had attacked Damur said that the order came from the Interior Minister, Camille Chamoun, who is a Christian. Damur is a stronghold of Mr. Chamoun's National Liberal Party. [New York Times]
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