Word: ares
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Dates: during 1960-1969
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Friedman has a big recipe for economic reform, and he calls for an end to many politically sacred Government programs. A sampling of his ideas: FOOD STAMPS. "There is nothing you can do with stamps that you cannot do better by giving people money. The real drive behind food stamps...
(7 of 10) High-income people come off better. If you have property, you get the benefit of this, plus social security. The system redistributes income from the young (rich or poor) to the old (rich or poor). I think we ought to help the poor indiscriminately." GOVERNMENT PRIVILEGES. "All...
INFLATION. Friedman challenges the popular theory that full employment and price stability are incompatible. "The belief, like most of those propositions that get widely accepted, is a half-truth," he argues. The two goals conflict over brief periods when an economy is shifting from one rate of inflation to another...
That reassuring thesis may be difficult for some inflation fighters to accept, because 1969 has been such a frustrating year. Repeatedly, Administration leaders have announced that, as Nixon said on Oct. 17, "we are on the road to recovery from runaway prices." Paul McCracken's original year-end deadline for...
Some of the loopholes were deliberately allowed to stay open, authorities admit. Federal Reserve officials feared that if they had closed every gap in the regulations, some banks might have failed. In a banking system based on confidence, that might have touched off a financial panic, something that the Federal...