April 11, 1978 – Creeping Inflation – Sluggish Economy
April 11, 1978 – A day where the economy took center stage. Later on this day, President Carter was scheduled to deliver an address to the American Society of Newspaper Editors on the state of the economy and the creeping inflation that was causing concern everywhere from K Street to Main Street. He was expected to give his thoughts on the situation and to outline a possible course to turn back that inflation. The President was not expected to ask for Wage and Price controls, or even the standby authority to invoke those measures. The speech was expected to detail a series of executive level actions, and would attempt to make it clear that controlling inflation wasn’t something the government could do alone. One aide was quoted as saying it was going to be a speech devoid of any comforting illusions, and when asked what the theme was, said “no salvation without sacrifice”. Buckling seatbelt time.
Also on Capitol Hill – a showdown on the Emergency Farm Bill was expected to take place later on in the week in the House, with a vote on the bill already passed by the Senate. The House was expected to balk, since the majority of its members represented the urban population, they weren’t expected to approve a measure that would raise the price of food in order to help the farmer.
Meanwhile, in the rest of the world; On March 19t, the UN adopted a resolution by the U.S. calling on Israel to withdraw its forces “forthwith” from all Lebanese territory. Until this day, despite growing criticism of its non-compliance, Israel had not moved. But on this day it took its first moves to pull back its troops from positions in the extreme eastern corner of Lebanon, handing over control to Norwegian contingents of the multi-national UN peacekeeping force. Another pullback was expected in a few days, but this would still leave Israel in control of most of the 800 square miles of Lebanese territory it captured in its assault the previous month.
And that’s a small slice of what went on, this April 11, 1978 as reported by The CBS World News Roundup.