THE 1975 ECONOMIC REPORT OF

THE PRESIDENT

4-1

HEARINGS

BEFORE THE

JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES

NINETY-FOURTH CONGRESS

For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C. 20402 - Price $2.80

JOINT ECONOMIC COMMITTEE

(Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.)

HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vice Chairman

CONTENTS

Page

1

40

51

62

WITNESSES AND STATEMENTS

THURSDAY, JAN JARY 23, 1975

Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee:

Opening statement...

Ackley, Gardner, professor of economics, University of Michigan_

McCracken, Paul W., Edmund Ezra Day University professor of business

Administration, University of Michigan..

Schultze, Charles L., senior fellow, the Brookings Institution.

TUESDAY, JANUARY 28, 1975

Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee:

Opening statement__

Crawford, Donald, president, Edison Electric Institute, accompanied by

Stanley Ragone, senior vice president, Virginia Electric & Power Co...

Galligan, Thomas J., Jr., president, Boston Edison Co...

Regan, Donald T., chairman of the board, Merrill Lynch & Co., Inc......

Stewart, Milton D., president, National Small Business Association.......

WEDNESDAY, JANUARY 29, 1975

Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee:

Opening statement__

Houthakker, Hendrik S., professor of economics, Harvard University..

Sawhill, Hon. John C., former Administrator, Federal Energy Admin-

istration__.

Perry, George L., senior fellow, the Brookings Institution__

101

103

105

113

130

187

188

193

205

FRIDAY, JANUARY 31, 1975

Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee:

Opening statement_

237

Alioto, Hon. Joseph L., mayor of San Francisco and president, the U.S.

Conference of Mayors..

238

Panuzio, Hon. Nicholas, mayor of Bridgeport, Conn., on behalf of the

National League of Cities___

266

Scott, Hon. James M., member, Board of Supervisors of Fairfax County,

Va...

295

Turner, Hon. Samuel A., commissioner, Board of Commissioners of

Wayne County, Mich...

President Ford's state of the Union message to the Congress of the

United States, January 15, 1975..........

3

Fact sheet to President Ford's state of the Union message, January 15,
1975---

9

Statement of Hon. Carl Albert, the Speaker, U.S. House of Repre-
sentatives, January 13, 1975, on the report of a 10-member task
force of the House Democratic Steering and Policy Committee ----

Address of Hon. Carl Albert, the Speaker, U.S. House of Representa-

tives, January 20, 1975, in response to President Ford's economic

speech...