We forget how often President's used to hold news conferences. During the JFK years is was almost every week. This Press Conference, from June 7, 1962 covers a wide range of topics. The budget, the recession, inflation, taxes and of course Medicare, which was foremost on JFK's agenda in 1962.

He opens the Press Conference with a statement:

President Kennedy: "Good afternoon. I have a brief preliminary statement. I would like to say a few words about our economic outlook and program.
I think most financial experts have realized for some time that an overpriced market could not hold up once investors recognized that inflation was ending. Price-earning ratios which averaged on Dow-Jones 23 to 1 could not be justified unless there was heavy inflation in prospect. And we have been working to prevent inflation, which gives a very misleading and spurious picture of economic health. We must not permit the effects of this adjustment, however, to hamper the growth rate of our economy, with which we have, as you know, not been fully satisfied. While our recovery from last year's recession has been a good one, production, profits, and employment are at alltime highs, and the prospects for continued economic expansion remain favorable. In view of corporate and consumer cash on hand, we should take every appropriate step to make certain that recovery is stronger and longer than before and is not cut short by a new recession.

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We like to think our current financial problems are new. But like everything else, they have a history. Of course, in 1957 the problem wasn't measure in Trillions, but Billions and it was enough to cause a lot of sleepless nights. Then as now, the solutions and problems posed were the same - curb government spending, raise taxes - no, lower taxes - no, raise taxes. Slash entitlements, keep entitlements. Cut military spending. Cut Military spending and we'll be weak - no, our terrible Foreign Policy is why we have increased Military spending. On and on.

So on May 5, 1957, as part of the New World radio series on NBC Radio, a roundtable discussion was put together to pose all those questions and find something resembling answers. Taking part were the leading economists of the day; John Nuveen, Robert Eisner, and Milton Friedman.

Milton Friedman: “The Federal Budget, in my opinion, can and should be cut. The budget is big because the government is big. And the government is big partly because it is doing many things, which it seems to me, might be better left to private individuals and to states and municipalities.”

Robert Eisner:” It seems to me that we shouldn’t talk about cutting the budget by eliminating the disgracefully small items for education and welfare. Let’s face the facts, there really isn’t very much to cut in the budget it’s just pittances. Unless we’re going to cut this military budget, and it’s about time that we stop feeling that any figure that’s quoted to us from the Military must be right. We’re all certainly agreed that we want to safeguard our country. We want to make sure that we have a strong adequate defense. But it doesn’t follow that you should simply spend more and more. And no matter how large that figure is that helps our security. We may actually get to a point where you’re spending so much you create a climate in the world that jeopardizes our security.

And fifty-four years later . . . . .

The thing is, the Friedman school of economic thought appears to have historically not worked - but it's still argued vehemently for. Does this go under the heading of Collective Amnesia or the definition of insanity?

One wonders.

With the current debate over the budget, if you've been around on the planet for any length of time you'll realize what a broken record this thing is. It never changes. It has never changed.

In 1957 it was about the same thing - cut spending, cut social programs, cut aid, cut defense, reduce big government, cut taxes.

Here is a panel discussion, run on May 5, 1957 featuring some of the leading economists at the time - Milton Friedman, Edward Rosenheim, John Nuveen jr., and Robert Eisner, all arguing about basically the same thing that hasn't changed before or since.

Robert Eisner: “It seems to me that we shouldn’t talk about cutting the budget by eliminating the disgracefully small items for education and welfare. Let’s face the facts, there really isn’t very much to cut in the budget it’s just pittances. Unless we’re going to cut this military budget and it’s about time that we stop feeding that any figure that’s quoted to us for the military must be right. We’re all certainly agreed that we want to safeguard our country, we want to make sure that we have a strong, adequate defense, But it doesn’t follow that you should simply spend more and more, and no matter how large that figure is, that helps our security. We may actually get to a point where we’re spending so much that you create a climate in the world that jeopardizes our security.”

Every year it's the same dance, the same posture, the same hand wringing. And every year a jaundiced eye is cast towards the Pentagon. And even Eisenhower, a military man, saw the problem.

And it doesn't stop.

Listening to this interview, originally aired on July 31, 1975 and featuring Los Angeles newsmen Jess Marlowe, Warren Olney, Bob Abernathy and Steve Mallory with California Governor Jerry Brown, I'm reminded that, not only have the issues that plagued the state in 1975 come back, they've become worse over time. In 1975 Brown was left with a state in fiscal crisis from the Reagan Administration (yes, we got him first before the rest of the country did). And in 2011, some 36 years later, he's left with a state in a worse fiscal crisis from the Schwarzenegger Administration (two actors turned Governor . . is there a sign here?). In 1975 he was looking at hard and difficult choices:

Governor Brown: “The central reality of the seventies, unlike the sixties, is that the economic growth is so reduced that when we help Peter we’re robbing from Paul. And that’s a very painful, difficult economic reality that no leader has ever had to face before, at least not to the extent that we’re going through in the years ahead. And that’s why we talk highways we’ve got to talk education, rapid transit, they’re all competing for very limited tax dollars.”

In 36 years those choices have not only become harder, the fiscal crisis that's resulted has multiplied many times over. Then as now, there's the cry for a quick fix just as long as it doesn't involve them.

As the same chickens keep coming home to roost, you begin to wonder what they're being fed.

This day in 1982 was about shooting wars. British troops landed on The Falkland Islands and the shooting war started. Amid reports of casualties and both sides claiming the upper hand, the propaganda wheels were in motion. The diplomatic wheels however were not, and even though Pope John Paul II appealed to Britain to show restraint and seek a peaceful solution, Margaret Thatcher said "thanks, but no thanks". And the war was on.

Likewise in the Middle East, only this time it was Iran who boasted major gains in territory over the Iraqi's, but it didn't look as though this thing would be over anytime soon. Terrorist bombs went off in Beirut, this time at the French Embassy and with scores of casualties.

Meanwhile, in other parts of the world. Successor to the ailing Leonid Brezhnev was looking more and more like Yuri Andropov, head of the Secret Police.

On Capitol Hill - Pres. Reagan's Fiscal spending plan for 1983 goes to battle at the House. Reagan also pushed for The Department of Energy to be merged with the Department of Commerce. The Supreme Court ruled people on Nixon's Enemies list did not need to be revealed. The Abortion question was also back on the docket, this time via State's rulings on abortions.

The DeLorean Auto plant in Ireland was ordered closed by the Irish government, citing no buyers in the foreseeable future.

All that, and a lot more on this May 24th in 1982 from the CBS World News Roundup and the 9:00 am (PDT) network news.

One billion Dollars a day was how it was roughly figured out, as Capitol Hill dissected the size of the Budget President Ford was handing to Congress this February 1st in 1975.

The astronomical sum didn't sit with most lawmakers, considering the U.S. was knee-deep in a recession that no intention of letting up anytime soon.

Money woes and the blame game were in massive supply all over Washington. With the price of gas having some called on a system of rationing in order to stop our dependence on Foreign Oil, which was indicated as a major contributor to our woes.

And the matter of Foreign Aid was another. A supplemental Aid bill to Southeast Asia was resoundingly defeated because, as one Senator pointed out - 55,000 casualties, untold billions already - enough was enough.

And it wasn't just Southeast Asia feeling the brunt of austerity. Aid to Turkey was pending and on hold because of the ongoing situation in Cyprus. The problem in this case was not having much idea of who exactly was running the show over in Istanbul.

To top it all off - our Trade Deficit had now achieved the dubious distinction of being the 2nd highest in the century.

Cold comfort and no doubt cause for another round of sleepless nights.

And so went the news for this February 1st 1975 as reported on CBS Radio's The World This Week (February 1st was a Sunday in 1975) as reported by Allan Jackson and a flood of reports.

With the campaign season just warming up, I will be spotlighting historic campaign addresses from previous Presidential elections, featuring ALL parties, but starting t his series off with a bang.

FDR addresses a crowd estimated at over 60,000 in Pittsburgh on October 1, 1936 - the last full month of campaigning.

He talks about the accomplishments of his administration during the first four years, looks ahead to the next and talks about the current state of the economy, the state of employment and the state of poverty in America.

And in answer to his critics regarding a balanced budget, he offers this:

FDR: "To balance our budget in 1933 or 1934 or 1935 would have been a crime against the American people. To do so we should either have had to make a capital levy that would have been confiscatory, or we should have had to set our face against human suffering with callous indifference. When Americans suffered, we refused to pass by on the other side. Humanity came first.

No one lightly lays a burden on the income of a Nation. But this vicious tightening circle of our declining national income simply had to be broken. The bankers and the industrialists of the Nation cried aloud that private business was powerless to break it. They turned, as they had a right to turn, to the Government. We accepted the final responsibility of Government, after all else had failed, to spend money when no one else had money left to spend.

I adopted, therefore, the other alternative. I cast aside a do nothing or a wait-and-see policy.

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Seems 1996 started off with a bang. The Federal Government shutdown had reached Day 18 with no end in sight. The standoff was starting to hit pocket books.

A Recession was looming with indicators not being optimistic in light of news that consumers just weren't spending any money.

AT&T was poised to lay off 30,000 workers, hot on the heels of the 6,000 who lost their jobs just recently.

Some good news came from the direction of Science where the gene responsible for Heart Arrhythmia had been discovered. A sigh of relief all around.

The Chiapas Rebels were celebrating their 2nd anniversary by converting to a political force, rather than an armed one.

The Madonna Stalking Trial was set to begin with questions being raised over whether or not The Material Girl was going to show up and testify.

And the James Jordan (father of Michael Jordan) Murder Trial was set to resume.

Not an earth shattering day in history, but one still guaranteed to have you reaching for the Prilosec anyway.

And that's the way it went on January 2nd 1996 from the CBS World News Roundup.

Although there was probably a lot more going on, the top news stories of this particular December 30th had to do with reports of the first U.S. troops wounded on the ground in Bosnia. Not by direct enemy fire, but by a roadside landmine taking out a Humvee. Despite news that the wounds weren't fatal, it still sent a message that this conflict wouldn't be the cakewalk it was set out to be.

The other big news was the budget and the shutting down of some Government services as the result. Ongoing talks were talking place between President Clinton and Senate leader Bob Dole and House Speaker Newt Gingrich. The proposed budget called for the biggest overhaul of Social Services in 60 years and the furlough of some 300,000 government workers who were not likely to return back to work anytime soon. The question, certainly on most media observers minds was, why weren't there mass protests?

In this segment of NPR's All Things Considered for December 30th, the question was put to two pundits; Todd Gitlin representing, the left and David Frum, representing the right. In an interesting analysis, it was argued that the Left had lost its direction (apathy) but the right were in danger of splintering (the Newt factor). Gitlin decrying the fact that the Left really didn't like the Social Programs anyway, that they no longer had a focus point and that the protests had no leader. Frum tut-tutted that the country was really mostly conservative anyway and if they really wanted to get anything done by way of protest, they had AARP to do it for them.

And that was what it looked like sixteen years ago. My, how times change. But the Budget crisis seems to go on forever.

As do wars.

A mostly unremarkable December 20th in 1995. Of course, if you were in Bosnia or anywhere in the former Yugoslavia it would be a remarkable day, as the UN handed over peacekeeping duties to NATO forces and a combined military force which included both American and Russians units took over to put an end to the conflict that ripped the entire region apart. The discovery of horrors would come shortly.

Meanwhile on Capitol Hill, negotiations were underway for a budget deal which, depending on who you asked, were either going well, going painfully slowly or not going at all. Another cliff-hanger in the offing.

In other news, it was learned that Insurance companies providing private supplemental insurance to seniors were raising premiums on average of 30% for that little slice of peace of mind. How unusual.

The White Water investigation was continuing. The Republicans pledged to override a Presidential veto of a bill designed to limit lawsuits by investors who were cheated by underwriters, corporate executives and accountants.

Winter storms were sweeping the country with the worst hit from the Plains to New England.

Communists were holding 1/3 of the seats in the Russian Parliament, causing a predicament for Boris Yeltsin. And to top it all off, OJ Simpson's net worth was deemed no longer a secret with regards to the upcoming Civil Suit.

No mass demonstrations, no calls for the toppling of governments. But the eventual discovery of mass graves and concentration camps gave proof inhumanity was still very much with us.

And that's how that particular December 20th went in 1995 as reported on The CBS World News Roundup.