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PRESIDENT CARTER: We've brought down inflation. Earlier this year, the first quarter, we did have a very severe inflation pressure, brought about by the OPEC price increase. It averaged about 18 percent the first quarter of this year. The second quarter, we had dropped it down to about 13 percent. The most recent figures, the last 3 months, or the third quarter of this year, the inflation rate is 7 percent – still too high, but it illustrates very vividly that in addition to providing an enormous number of jobs – 9 million new jobs in the last 3 1/2 years – that the inflationary threat is still urgent on us . . . .
So, our proposals are very sound and very carefully considered to stimulate jobs, to improve the industrial complex of this country, to create tools for American workers, and at the same time would be anti-inflationary in nature. So, to add 9 million new jobs, to control inflation, and to plan for the future with the energy policy now intact as a foundation is our plan for the years ahead.
GOVERNOR REAGAN: Mr. Ellis, I think this idea that has been spawned here in our country, that inflation somehow came upon us like a plague and therefore it's uncontrollable and no one can do anything about it, is entirely spurious, and it's dangerous to say this to the people. When Mr. Carter became President, inflation was 4.8 percent, as you said. It had been cut in two by President Gerald Ford. It is now running at 12.7 percent.
President Carter also has spoken of the new jobs created . . . But that can't hide the fact that there are 8 million men and women out of work in America today, and 2 million of those lost their jobs in just the last few months. Mr. Carter had also promised that he would not use unemployment as a tool to fight against inflation. And yet, his 1980 economic message stated that we would reduce productivity and gross national product and increase unemployment in order to get a handle on inflation, because in January, at the beginning of the year, it was more than 18 percent.
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