The Commonwealth - Advance Ticket Sale Luncheon - His Excellency CHAIM HERZOG

Sep 28, 2026

A newsletter-style publication by the Commonwealth Club of California presents a lineup of public affairs discussions and honors. It announces an advance ticket sale luncheon focused on Middle East issues in 1978, including an address by Ambassador Chaim Herzog. The U.S. Senate honors the Club for 75 years of public service, and the issue includes remarks from Treasury Secretary W. Michael Blumenthal on the economic program for 1978 and 1979, addressing clouds on the horizon, fiscal restraint, and budget deficit concerns.

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CategoryLiterature

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Reading Time14 min

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Advance Ticket Sale Luncheon

U.S. Senate Honors Commonwealth Club

His Excellency CHAIM HERZOG

Blumenthal Outlines Carter's Economic Program

Clouds on Horizon

Fiscal Restraint

Budget Deficit

Inflation Embedded n Economy

The Commonwealth Tuesday,Feb.28,Noon # Advance Ticket Sale Luncheon Is a solution to the Middle East problem possible in 1978?Can Egypt and Israel succeed at thebargaining table,or are they facing certain failure?And what about a homeland for the Palesti-nians?Ambassador Herzog,formerly Director of Military Intelligence,Commander of theJerusalem District and first Military Governor of the West Bank of the Jordan,will discuss theseand other questions concerning the Middle East. ADVANCE TICKETS—$8.For information regarding ticket reservations,contact the Club office,362-4903. # U.S.Senate Honors Commonwealth Club By unanimous vote,the United StatesSenate has passed a resolution initiated byCalifornia Senator S.I.Hayakawa,com-mending the Commonwealth Club for its75 years of public service. Hayakawa,a Commonwealth Clubmember,and quarterly chairman in 1975,was joined in the sponsorship of SenateResolution 394 by Senators Edward Ken-nedy,Alan Cranston,Charles Percy,Howard Baker,Paul Laxalt,Barry Gold-water,Mark Hatfield,Strom Thurmond,Robert Dole,Frank Church,EdmundMuskie,Jacob Javits,Ted Stevens andJohn Tower. Each of these senators has appearedbefore the membership of the Club. Sheraton-Palace HotelGrand Ballroom # His ExcellencyCHAIM HERZOG Israeli Ambassador to the U.N.“MIDDLE EAST UPDATE” DAVID VAN HOESEN,Quarterly Chairman Speaking on the floor of the Senate,Hayakawa noted "For 75 years,theCommonwealth Club has presented publicissues to the people of California,and hasorganized study groups on special prob-lems and topics of importance,such ascrime,education,water problems,and soon.Its influence on public opinion toCalifornia and the West Coast has beenmost distinguished. Joining in the discussion,SenatorCharles Percy said,"There are many dis-tinguished platforms in the State of II-linois,but taking the country as a whole,there are very few as distinguished as theCommonwealth Club of California." # Blumenthal Outlines Carter's Economic Program FRIDAY FLASHES-FEBRUARY 17,1978 The Hon.W.Michael BlumenthalU.S.Secretary of the Treasury "In formulating an economic programfor 1978 and 1979,we were confronted notwith stagnation or slump,but with a re-covery of remarkable vitality. ## Clouds on Horizon There are,however,certain clouds onthe horizon.Among the threats to con-tinued economic recovery that gained andheld our attention were these:The re-cently legislated increase in payroll taxes;The rise in income taxes as inflationmoves families into higher brackets in ourprogressive tax system;The continuing,large drain of payments from oil imports;The inadequate rate of business invest-nient in new plants and equipment;Thedanger that inflation and inflationary ex-pectations will accelerate as the economyreaches full utilization of its resources. To_address these and other problems,the President worked intensely over aperiod of several months to fashion aneconomic program that would sustain theeconomic recovery that is now underway. ## Fiscal Restraint The theme of fiscal restraint,is an indis-pensible element in any plan for healthy,non-inflationary economic growth.In fash- ioning this plan,we were acutely awarethat economic upswings typically come togrief because inflation accelerates,andbrings about sectoral imbalances,mone-tary restraint,and eventually a severe re-trenchment in demand.This is a familiarand dreary process.Because of it,the av-erage life of post-war recoveries has beenonly about four years.We will soon beentering the fourth year of this recovery.Thus,we are at the point where the risksof over-stimulation—of an acceleration ininflation—cannot be ignored and areclearly not worth taking.Unless we wishto ignore unhappy history,and thus repeatt,we must avoid massive new programsof stimulus. ## Budget Deficit Instead,the fiscal order of the day is'steady as she goes.'In his first completebudget—that for fiscal 1979—the Presi-dent has proposed a deficit that is some-what smaller t

FAQs

What is the purpose of the Advance Ticket Sale Luncheon?

The luncheon frames a discussion about whether a solution to the Middle East problem is possible in 1978, including prospects for Egypt and Israel and a homeland for Palestinians.

How does the U.S. Senate recognize the Commonwealth Club?

The U.S. Senate passed a resolution commending the Commonwealth Club for its 75 years of public service, initiated by Senator S. I. Hayakawa.

What economic concerns does Blumenthal highlight for 1978 and 1979?

Blumenthal describes clouds on the horizon, including payroll tax increases, rising income taxes, oil import payment drains, inadequate business investment, and the risk that inflation expectations accelerate.

Sep 28, 2026

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