Surprise, Perversity Marked Ûª78 Economy
Rep. A1 Ullman (left) and Sen. Russell Long confer A West German Bundesbank foreign exchange before a hearing in July on the energy tax bill, dealer keeps track of the U.S. dollar in February.</br></br>If youÛªre one of those late-night Agatha Christie readers who appreciates an occasional twisted ending, then hold your glass especially high tonight: YouÛªve just gone through a vintage year.</br></br>At least so far as the U.S. economy is concerned, 1978 has been the year of surprises and perverse outcomes. If the New Year brings a little predictability, surely even the most restless among us wonÛªt complain.</br></br>This was the year, for example, that President Carter, recalling his 1976 campaign, proposed a major ÛÏtax reformÛ programÛÓonly to see Congress not.merely reject it, but also undo previous yearsÛª ÛÏreformÛ legislation as well.</br></br>It was the year that inflationÛÓwhich was running at about 6 percent at this time last yearÛÓshot through the roof, instead of continuing steady as expected. Prices recently have been surging at an 8 to 9 percent pace.