This Day In 1970's History: Thursday January 27, 1977
- Bitter cold weather and the looming natural gas shortage had a further impact across the country. Hundreds of thousands of people in a dozen states faced the prospect of layoffs. Pennsylvania schools were closed for at least three days and Gov. Milton Shapp asked all non-essential businesses to close until noon Monday. Ohio's Gov. James Rhodes declared an "energy crisis," and virtually all schools were prepared to close to save fuel. [New York Times]
- Congress got a $31.1 billion package of economic stimulants proposed by the Carter administration that has as its centerpiece a $50 tax rebate for most Americans, who are expected to spend it. Administration officials said the package had been scaled to avoid igniting more inflation and to push the 7.8 percent jobless rate down to levels "approaching" 6 percent by the end of next year. [New York Times]
- As part of its economic program, the administration proposes to create 200,000 jobs for unemployed veterans of the Vietnam War. Secretary of Labor Ray Marshall said that this special job provision would cost $1.3 billion, and that some of the jobs would be available in national parks and national forests. [New York Times]
- The end of the two-tier pricing system established in December by the Organization of Petroleum Exporting Countries will be sought in additional talks soon with oil-producing countries, according to Saudi Arabia's oil minister, Sheik Ahmed Zaki Yamani, in an interview in Riyadh. [New York Times]
- Glamour stocks traded at their lowest prices in more than a year and the market generally weakened. The Dow Jones industrial average made a small advance and then dropped 3.99 points to 954.54. The bond market responded with a fairly sharp decline to the Treasury's announcement that it would refinance $2.1 billion of publicly held 8 percent notes to raise $3.7 billion of additional cash. [New York Times]
|
