Word: ackley
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...Approach. To give the economy a greater lift, Chief Presidential Economist Gardner Ackley and his colleagues on the council are readying several plans for further tax cuts, and M.I.T.'s influential Paul Samuelson has strongly counseled President Johnson to push federal spending "above the psychological level of $100 billion." The Administration figures that it will have no trouble cutting excise taxes by as much as $3 billion, but it also plans to revive the concept of "temporary" reductions in income taxes that Congress turned down when it was forwarded by John Kennedy in 1961. Instead of asking for full...
...succeed him, Johnson named Gardner Ackley, 49, a former University of Michigan economics professor who has been a member of the Council of Economic Advisers since 1962. To fill the vacancy left by Ackley's move up, Johnson picked Arthur Okun, a Yale economist and since 1961 a CEA staff member...
...While Ahead. But Ackley is every bit as activist and liberal as Heller. He is recognized as the CEA's expert on domestic monetary policy, was one of the leaders in urging Kennedy to attack the balance-of-payments deficit by imposing an interest equalization tax. He can be expected to fight for the maintenance of present wage-price guidelines, work for continued easy credit, try to devise new means of reducing unemployment, and in general follow the blueprint of his predecessor. But he is cautious about predictions and somewhat wry about his promotion. "Walter had enough sense...
...Heller, author of the tax cut and the most influential chairman in the CEA's history, is expected to resign soon and return to the University of Minnesota, though the President is eager to keep him on. Heller's replacement could well be Michigan's Gardner Ackley, 49, a somewhat quieter but equally activist CEA member. Whoever heads the CEA, the band of outside economic advisers is certain to be used increasingly by the Administration. Spread from coast to coast, this fraternity is linked by bonds of friendship, philosophy and years of service together in universities...
...proud and prickly lot, Heller felt that the meeting would indicate that the former chairmen generally support the major points of the Administration's economic policy, and he hoped that acrimonious debate could be avoided. Last week President Johnson joined Heller and Economic Advisers John Lewis and Gardner Ackley in the Oval Room to welcome the four past chairmen: Republicans Arthur Burns and Raymond Saulnier, who were Dwight Eisenhower's men, and Democrats Leon Keyserling and Edwin Nourse, who worked under Harry Truman...