Word: longterm
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...David summit. In fact, Caddell had been trying to persuade Carter to refurbish his presidency since April, when he sent the President a now famous lengthy memo describing growing pessimism among the American electorate. In March, for instance, Caddell found that 48% of the people he surveyed called themselves "longterm pessimists," up from 30% in 1975. Other pollsters question Caddell's objectivity, and stress that Carter is partly responsible for the public gloom. Their surveys find that Americans are more pessimistic about the President than about themselves. Responds Caddell: "To say it is a question of confidence in Carter...
...Willes argues that forecasts about the impact of new economic policies are so imprecise that the Fed should resist trying to make constant short-term adjustments by changing the money supply. Instead he advocates a new hands-off approach known as the theory of "rational expectations," which contends that longterm, stable monetary policies encourage public confidence and hence lead to increased economic growth. Though Willes has had little influence on the Fed's thinking, his arguments are reaching businessmen and commercial bankers...
...worsened by large OPEC oil price boosts that underscore the debilitating U.S. dependence on imported petroleum. Carter was earnestly aware, if the people of the U.S. were not yet, that the nation must find some way to start breaking that dependence if it is to have any chance for longterm, noninflationary economic growth...
...plants for $6.7 billion that will produce more than 80,000 bbl. of oil per day by 1983. The process requires 1 ton of coal for 1 bbl. of oil. South Africa keeps cost figures secret, but outside estimates of close to $30 per bbl. make conversion only a longterm, expensive solution to U.S. energy needs. However, a small test plant has been built in Catlettsburg, Ky., with federal, state and private money. It will open this fall and produce 1,800 bbl. of oil daily from 600 tons of coal...
FOLLOWING decontrol, the public will become more aware of the economic consequences of Congressional energy policies. In addition to producing limited increases in conservation and domestic oil production, decontrol should have the additional effect of further alerting the public to the gravity of the present energy situation. Longterm solutions to the energy problem can only come when voters see the crisis in energy; higher oil prices are, sad to say, apparently necessary...