Word: ackley
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...graceful goodbye is not one of Lyndon Johnson's fortes. In the past three years, several dozen of his top aides and administrators-including such onetime prodigies and proteges as Bill Moyers and Jack Valenti, Robert McNamara and Gardner Ackley-have resigned or been reassigned. And often the manner of their going has left an aftertaste of malice and misunderstanding...
...summer, Washington concluded that the economy was rebounding with inflationary speed. Chairman Gardner Ackley of the White House Council of Economic Advisers predicted that "a strong revival of demand" would be led by a burst of spending for factories and durable goods. It wasn't. Spotty profits kept businessmen cautious about expansion. Their borrowing served partly to pay off old loans and replenish coffers depleted by the 1966 money squeeze and the spring speedup in corporate tax collections; most of all, it reflected wide expectation that the Reserve Board might tighten up on credit or that the Government would...
Equal Scoldings. The Administration's first reaction to the steel price boost was to use it as further evidence of the need for a 10% surtax. Chief White House Economist Gardner Ackley gave equal scoldings to both labor and management, noting that the steel increase represented "another turn in the wage-price spiral." Speaking at a Washington meeting of the Business Council, President Johnson talked of responsibility: "We know that wage and price changes are inevitable-and desirable-in a free-enterprise system. But those changes must be restrained by a recognition of fundamental national interest in maintaining...
...Little, Too Late. The producers point out that during the first nine months of 1967, when profits were off as much as 30%, Ackley and the Council of Economic Advisers assured them that a turnaround was coming. Now that orders are finally picking up, the steelmen claim that the increase in business is too little, too late, and based on artificial conditions rather than on an upsurge in the economy. They credit the rise to the fact that automakers and other major steel users are stockpiling with an eye towards next summer, when the United Steelworkers are threatening to strike...
Such troubles lie beyond the therapeutic reach of a tax increase, which is not, as Chairman Gardner Ackley of the White House Council of Economic Advisers quipped last week, "the complete remedy for every ill including the common cold." But Ackley, from rostrums in Los Angeles and Manhattan, spelled out the Administration's case in somber detail. Without higher taxes, he warned, the nation faces "potentially serious trouble" with "price increases and soaring interest rates." On top of that, Ackley forecast "a deteriorating trade balance and new weakness in housing alongside a possibly unhealthy boom in investment, inventories...