Word: summits
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Dates: during 1970-1979
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Coming down from the heady abstractions of the summit, President Ford last week rolled up his sleeves to confront the gritty economic and political realities of devastating inflation, lengthening recession and a looming international crisis over oil prices. With congressional elections less than a month away and pressure building for action, the Administration has been working feverishly to meet its self-imposed deadline to produce an effective and politically acceptable program by this week. The President planned to address Congress on nationwide television on Tuesday afternoon to announce his program and appeal for bipartisan support...
Though this particular summit ended without agreement, the fact that the five had met (and that France had agreed to participate) was encouraging. The meeting might create a momentum leading to a kind of "energy NATO" that would give the U.S. a chance to try its strategy for bringing down oil prices. If the citizens of the oil-importing countries can be persuaded to adopt conservation measures, and if a formula for limiting exports is accepted, then?the Americans optimistically reason?the oil exporters would start to quarrel over how to share the shrinking market. This could eventually weaken...
Wins and Losses at Ford's Summit...
Most of the speakers at the recent economic summit seemed to be at the wrong meeting. Rather than participating in a war against inflation, they sounded like conscientious objectors seeking a pardon from the battle. The various groups seemed more concerned about protecting themselves against the effects of inflation. Those few who did recognize the need for belt tightening generally advocated tightening the other fellow's belt...
...summit will make a difference. It showed that inflation, though the nation's primary economic concern, is not the only one. Policy is going to have to be broader than merely banging the drum for the "oldtime religion" of monetary and fiscal restraint. Though the battle against inflation will not be abandoned, economic policy will likely be taking on added dimensions, notably those dealing with unemployment, supply bottlenecks and the problems of the poor. Murray L. Weidenbaum Professor of Economics Washington University St. Louis The writer was Assistant Secretary of the Treasury for economic policy during the Nixon Administration...