Source:ABC News– anchor Frank Reynolds.

Source:The New Democrat

“ABC Evening News, January 11, 1978 with Harry Reasoner, Bawa, Frank Reynolds, Howard K Smith.”

From Colortiniz

I guess the one big story that I got out of this short clip of the ABC Evening News, newscast was the economic report. The economy looked like it was in somewhat decent shape in January, 1978. The economy was growing and growing steadily. Jobs were being created and unemployment was falling. So I guess that would be the good news.

But the economy tanked by the spring of 1978 when interest rates started rising and inflation went up, which takes a big bite out of any economic growth that you may have. Because when inflation and interest goes up, so does the cost of living.

The other story having to do with tobacco. At the end of the piece you see why the Feds tend not be trusted on this issue because they try to have it both ways. On one hand they tell us about the dangers of smoking tobacco and that we shouldn’t do it especially minors. And if we do smoke, we should try to quit. While on the other hand they subsidize the tobacco industry through agriculture subsidies for tobacco farmers. Leaving Americans to ask a simple, but important question. Who’s side are they on.