President Gerald Ford opened the much-heralded economic summit in Washington on Friday (27 September) and again firmly ruled out wage and price controls.
GV Conference in progress
SV Hubert Humphrey taking notes
SV President Ford smoking pipe
GV Delegates seated
SV President Ford speaking
SV Senator Mike Mansfield speaking
GV & SV Delegates (2 shots)
SV Senator Mansfield speaking
"Representatives from every sector of the nation were present for the opening session of President Ford's Conference on inflation. The Chief Executive ruled out wage and price controls but he warned that there was no miracle cure to combat what he called 'Public Enemy Number One' -- inflation. Although the President did not mention the oil-producing nations by name, he did condemn those he said who seek to take some advantage of economic uncertainty."
"Inflation is an international problem. The efforts of each nation can become more effective if concerted action is achieved. The United States Government will consult with friends abroad as we move to combat an international threat."
"Mike Mansfield, the Democratic Majority leader, said the terrible cost of the Vietnam war was another major factor in the country's spiralling inflation rate. Mansfield also said the cost of the war would be paid for by the sacrifices of several generations."
"How can more houces be built and sold when prices are higher, interest rates are higher and construction wages are higher. I am not an economist and make no pretences. What is clear to me however is that the time for words, micro, macro or whatever is at an end. Words will no longer satisfy the nation. Inflation is social dynamite. Walk through any food market in any suburb and take note of the comments."
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Background: President Gerald Ford opened the much-heralded economic summit in Washington on Friday (27 September) and again firmly ruled out wage and price controls. He warned there was no miracle cure to combat "Public Enemy Number One" -- inflation -- but promised that no single section of Americans would be unfairly hit by moves to fight inflation.
The 800 delegates, mainly businessmen, labour leaders and economists, are expected to put forward widely varying solutions to inflation, now running at 12 per cent in the United States.
Senator Mike Mansfield, the Democratic Majority Leader, cited the Vietnam war as a major factor in the country's spiralling inflation. He said the cost of it would be paid for by the sacrifices of several generations.
President Ford was to attend the two-day conference again on Saturday (28 September) to deliver a concluding address.
A transcript of a part of President Ford's opening speech, and Senator Mansfield's remarks is provided overleaf along with a transcript of the commentary.