Word: board
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Dates: during 1970-1979
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Administration officials who wanted to switch to an anti-inflation policy-CEA Chairman Charles Schultze, Treasury Secretary Michael Blumenthal, Council on Wage and Price Stability Director Barry Bosworth-got a powerful ally in G. William Miller, who took over as Chairman of the independent Federal Reserve Board in March. Miller, a liberal businessman, was shocked by the runaway inflation he encountered and publicly urged the President to declare it the primary peril. More support came from, of all people, Labor Secretary Ray Marshall. Says one Administration policymaker: "When Marshall starts arguing for wage-price guidelines, which would fall...
...while also increasing defense spending he will have to cut some civilian programs-public service jobs, antipollution grants, subsidized low-income housing-and give up or delay some new initiatives. National health insurance? Not until 1983. Welfare reform? Under current plans, no money for it. Members of the Board of Economists fear that even if Congress accepts all this shrinkage, a recession nonetheless will push the deficit up to $50 billion by reducing tax collections and increasing unemployment benefits. That does not mean the effort to cut other spending is unwise; without it, the deficit could swell to monstrous proportions...
DEREGULATION. Government regulation of specific industries and the spread of costly safety, antipollution and other rules that all industries must obey became widely recognized this year as a powerful inflationary force. In 1978 the Civil Aeronautics Board successfully freed air fares. The Interstate Commerce Commission now proposes to make entry into the trucking business much easier for new operators and to end the rate fixing by conferences of truckers. Carter has pledged to make environmental and safety regulation less costly and appointed an interagency council to comb out overlapping and contradictory rules. Unfortunately, the council is made...
Federal Reserve Board Chairman William Miller frets that the load is too heavy. So does his predecessor, Arthur Burns. Says he: "Consumers are going into debt at a reckless rate. They are counting on good luck. Let there be some weakness in the economy, and they'll be in trouble...
...year-over-year or average basis, the second year would show a gain of about five points over the first. Of course it would be more accurate to use the fourth-quarter-over-fourth-quarter measure, which would show no rise. If the forecasts of TIME'S Board of Economists are correct, next year's G.N.P. will rise about 2% year-over-year but will not increase at all in a fourth-quarter-to-fourth-quarter measure...