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...Even the administration does not anticipate the budget cuts will reduce the cost of living in the near future. The credit controls apply to a fraction of consumer borrowing too small to be significant. And the 10 cents a gallon fee on gasoline will actually boost the consumer price index an estimated seven tenths of one per cent. Carter seeks to show voters he is doing something now; they will feel the pain later, the benefits never...
...import fee, amounting to ten cents a gallon of gasoline, will wipe out any gains from the rest of Carter's program by raising the consumer price index by more than half of 1 per cent, by administration estimates. Called a "conservation fee," it is really a budget-balancing hedge against possible Congressional failures to ratify the president's spending cuts. In this case, it may face legal challenge because the 1962 law authorizing import fees stipulates they cannot be used as a revenue source...
...timid move, since these programs swallow 77% of the entire budget and are rising at a dizzying pace. One option that Administration officials say they are considering is to slow the rise in Social Security benefits by modifying the formula that ties those benefits to the Consumer Price Index. That brought an outburst that typified the inflation fighters' problems. Cyril Brickfield, head of the American Association of Retired Persons, wrote to President Carter that doing so would "cause millions of older people to suffer a severe reduction in their purchasing power...
What of the moral considerations? Among other things, says Daniel Callahan, director of the Hastings, N.Y., Institute of Society, Ethics and the Life Sciences, the plan assumes that brighter is better, and that the Nobel Prize is a rough index to social usefulness. Says he: "There's no guarantee that high IQ people produce better people or a better society. It is not the retarded kids of the world who produce the wars and destruction." Graham's project may not even make good sense on its own terms. Nobel sperm may be bright, but the donors are usually...
...Administration's scramble to re-tune its policy began almost from the moment that Carter first received his routine advance copy of the Labor Department's latest Consumer Price Index data on Feb. 21. As expected, January's 1.4% increase, or a compound annual growth of 18.2%, was the steepest of any month since August 1973. The figure made plain enough what White House Economic Advisers Charles Schultze and Alfred Kahn had been warning about since well before Christmas: rising oil prices, higher interest rates and a frantic "buy it now before it costs more" inflation psychology...