This Day In 1970's History: Wednesday December 14, 1977
- The Social Security impasse ended when Senator William Roth, Republican of Delaware, severed from the Senate version his proposed tax credit for college tuition, which had held up House-Senate conference committee approval of the Social Security tax increase. Both houses are expected to pass the bill tomorrow and then adjourn until Jan. 19. [New York Times]
- The Carter goal in 1978 will be plans to strengthen the nation's economy, the President told the Business Council, a group of major corporation executives. He said his plans for a substantial permanent income tax cut and for income tax reform would be ready for Congress in January, saying that the reforms would be "moderate but adequate," indicating that plans for sweeping reform are off. [New York Times]
- Sales of new cars slumped in the first 10 days of November, according to announcements by the domestic makers. It was sharpest for General Motors, which reported a 13.6 percent drop in unit sales compared to the corresponding period last year. Strong sales of the Fairmont and Mercury Zephyr helped Ford increase its unit sales compared with last year when it was recovering from a strike. [New York Times]
- Stock prices, despite unpleasant news about the slipping dollar and slow car sales, posted their first noteworthy gain of the week. The Dow Jones industrial average rose 7.45 points to close at 822.68. Strength was shown by oil and gas exploration issues and the glamour sector. [New York Times]
- Japan announced details of its proposed trade liberalization package, which government leaders say represents the maximum concessions possible at this time. Quantitative restrictions on imports of 27 categories of agricultural and manufactured goods remain. The plan falls far short of demands for import liberalization made by Japan's trading partners in the face of its $13.36 billion trade surplus so far this year. [New York Times]
|
