Carter's address on inflation
President Carter outlines steps his administration will take to curb inflation, a 'most serious domestic problem' and a 'long-time threat.' He states that government wage and price controls as well as a deliberate recession are both too extreme. Carter's plan includes holding down government spending and waste, reducing the budget deficit, trimming the federal workforce, and bringing more competition back into the economy. More specifically, he will cut federal hiring and wage increases, oppose further reductions to federal income taxes, reduce federal regulations, and work to improve productivity. He also calls on the private sector to adhere to voluntary wage and price standards. Carter stresses that in order for his plan to work, it needs time and the support of the people.