February 1, 1975 - $1 Billion A Day.

News of this day included the loud gasp heard over the size of the new budget President Ford was handing Congress. The Recession dragged on. Calls for belt tightening. Supplemental Aid to Southeast Asia was voted down - between the 55,000 lives lost and the billions already spent, enough was enough. Aid to Turkey was on hold pending outcome of the latest Cyprus situation. And the U.S. had the dubious distinction of the 2nd highest trade deficit of the century. Not a day to celebrate.

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One billion Dollars a day was how it was roughly figured out, as Capitol Hill dissected the size of the Budget President Ford was handing to Congress this February 1st in 1975.

The astronomical sum didn't sit with most lawmakers, considering the U.S. was knee-deep in a recession that no intention of letting up anytime soon.

Money woes and the blame game were in massive supply all over Washington. With the price of gas having some called on a system of rationing in order to stop our dependence on Foreign Oil, which was indicated as a major contributor to our woes.

And the matter of Foreign Aid was another. A supplemental Aid bill to Southeast Asia was resoundingly defeated because, as one Senator pointed out - 55,000 casualties, untold billions already - enough was enough.

And it wasn't just Southeast Asia feeling the brunt of austerity. Aid to Turkey was pending and on hold because of the ongoing situation in Cyprus. The problem in this case was not having much idea of who exactly was running the show over in Istanbul.

To top it all off - our Trade Deficit had now achieved the dubious distinction of being the 2nd highest in the century.

Cold comfort and no doubt cause for another round of sleepless nights.

And so went the news for this February 1st 1975 as reported on CBS Radio's The World This Week (February 1st was a Sunday in 1975) as reported by Allan Jackson and a flood of reports.

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