Word: ackley
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...other hand, the White House for months has soft-pedaled talk of inflation, which by November could hurt Democratic candidates more than any other issue. Thus Treasury Secretary Henry Fowler was still maintaining last week: "My view is that we do not have inflation now." Similarly, Chairman Gardner Ackley of the President's Council of Economic Advisers pooh-poohed talk of imminent tax increases, insisting: "We want to watch the figures more closely for a while...
Johnson's Council of Economic Advisers, chaired by Gardner Ackley, predicts that the G.N.P. in 1966 will grow by almost the same amount as last year, rising from $675 billion to $722 billion, give or take $5 billion. Business capital investments will swell $7 billion, federal spending for goods and services will increase $7 billion and consumer spending will go up by $28 billion. All this will create 1,800,000 jobs and cut unemployment from 4.1% to 3.75% of the labor force, perhaps bringing it to as low as 3% at year...
Only a couple of months ago Gardner Ackley, present chairman of the Council of Economic Advisers, remarked that "You're soon going to hear a lot more about guidelines." Rarely has any prophet been proved so accurately occult. And last week, as Ackley and his colleagues worked on their annual economic report, they could only be aware that some changes may have to be made in both the principles and the application of the wage-price guidelines...
...economic melodrama. It began on the last day of 1965, when the Bethlehem Steel Corp. announced that it was raising its prices on structural steel by $5 a ton, to an average $119. Poor "Bessie." No sooner had the word hit the wire-service tickers than Gardner Ackley, chairman of the President's Council of Economic Advisers, denounced the increase as inflationary; he later charged that Bethlehem was profiteering from the Viet Nam war. And from his Texas ranch, President Johnson called Bethlehem's move "unnecessary" and "unwarranted...
Such explanations seemed to go unheard. Bethlehem Board Chairman Edmund Martin was summoned to Washington for a confrontation with Ackley and White House Aide Joseph Califano. After 90 minutes, Ackley called in newsmen to repeat his foregone conclusion: Bethlehem's price move was unjustifiable. Meanwhile, other Administration officials warned executives of other steel companies against following Bethlehem's line. Labor Secretary Willard Wirtz, for one, tried to persuade Chicago's Inland Steel, next only to Bethlehem and U.S. Steel as a producer of structural shapes, to stand pat. Wirtz had every reason to believe that Inland...