Gerald Ford

“ Our inflation is now down to 6-7% and unemployment is 8.4%. But the polls show that inflation is a bigger problem than employment.
Thatcher: That is a wholesome thing.
The President: It is. It lets us avoid doing things which would contribute to inflation in order to deal with employment. There hasn't been the pressure -- the marches, etc. -- about unemployment. We do have an automatic increase in the transfer payments because of unemployment but we are not being forced to take extraordinary measures. ”

“ We also have common problems -- such as what to do with a world in recession and inflation.
The President: I know you are concerned about us. We are making headway in corning out of the recession. I know you have unique problems.
Thatcher: We do. We have lost 18 months. The recession is slowing down. We politicians don't seem to be able to warn people beforehand in a way they will believe.
The President: We find the same problem, especially in dealing with energy. We have been trying for years to alert people to the fact that an energy problem does exist. ”

“ My theory is that the uncertainty about more people losing their job is a real problem -- and this caused the Republican clobbering in 1974. Next year we think unemployment will gradually decline. We will still have the problem of heavy unemployment, but the ones with jobs will feel more job security. That should translate into votes.
Thatcher: I think also other countries -- France and Germany -- are aware of the problems of inflation. It is good for the world economy that we aren't rushing for solutions. ”