Dominant Political Issues and Forces in the 1980's Page: 5 of 8
This text is part of the collection entitled: The Barbara C. Jordan Archives and was provided to The Portal to Texas History by the Texas Southern University.
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THERE WAS A METAMORPHOSIS OF THE PRESIDENT'S VIEWS CONCERNING
WHAT TO DO ABOUT INFLATION OVER A PERIOD OF TWO MONTHS. IN JANUARY HE
SUBMITTED TO THE CONGRESS HIS PROPOSED BUDGET FOR FISCAL YEAR 1981. THEN IN
MARCH HE SUBMITTED A REVISED BUDGET. THE FIRST WAS DESCRIBED AS SEVERE, TIGHT.
IT SHOWED A PROJECTED DEFICIT. THE SECOND WAS DESCRIBED AS SEVERE, TIGHT. IT
SHOWED A PROJECTED SURPLUS. IN THE FIRST TWO MONTHS OF 1980, A NEW SITUATION
IN OUR ECONOMY GOT THE PRESIDENT'S ATTENTION. IN JANUARY THE CONSUMER PRICE
INDEX ROSE BY AN ANNUAL RATE OF 18 PERCENT, AND IN JANUARY AND FEBRUARY THE
4IOLESALE PRICE INDEX ROSE AT AN ANNUAL RATE OF ALMOST 20 PERCENT. AT THE SAME
TIME, INTEREST RATES SURGED TO RECORD LEVELS AND THE BOND MARKETS FELL INTO
DISARRAY.
THE PRESIDENT ANNOUNCED A SERIES OF ACTIONS TO COMBAT RISING
INFLATION. HE DESCRIBED HIS ACTIONS AS FORCEFUL. HIS PROPOSALS INCLUDED A
REBIRTH OF THE PRAISE OF CAMPAIGN '76 TO BALANCE THE FEDERAL BUDGET. THE
HOUSE AND SENATE BUDGET COMIITTEES RUSHED TO PRECEDE THE PRESIDENT WITH BUDGET
BALANCING ACTION. THEY WERE ENERGIZED BY THE HOT BREATH OF RE-ELECTION PROSPECTS
OR THE PARALYZING FEAR THAT THE REPUBLIC MAY MOVE AHEAD WITHOUT THEM IN THE NEXT
BI-ENNI LI. THE WHOLE CONGRESS MUST STILL ACT AND NO ONE IS GIVING ODDS THAT
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THE BUDGET WILL BE BALANCED FOR FISCAL '81. POLITICAL RHETORIC LEAVES US
CONFUSED. ROSALYN CARTER ANNOUNCED WHILE CAMPAIGNING IN PENNSYLVANIA ON
SATURDAY THAT THE ECONOMY IS STRONG, THERE MAY BE A RECESSION BUT, IF SO IT
WILL BE MILD AND SHORT. ON THE SAME DAY ALFRED KAHN, THE PRESIDENT'S LATEST
CHIEF INFLATION FIGHTER, STATED THAT INDEED THERE WILL BE A RECESSION AND THAT
IT WILL BE DEEP AND SEVERE. (THAT IS JUST ONE EXAMPLE OF ELECTION YEAR DUALITY.)
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Jordan, Barbara C. Dominant Political Issues and Forces in the 1980's, text, April 22, 1980; (https://texashistory.unt.edu/ark:/67531/metapth611294/m1/5/?q=%22~1%22~1: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas Southern University.