Word: bosworth
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While wage and price controls are still anathema to the vast majority of economists and White House policymakers, a rising chorus is beginning to demand their imposition. Senator Edward Kennedy has centered the economic proposals of his presidential campaign on a six-month wage and price freeze. Barry Bosworth, who directed the Carter inflation guidelines program for two years, now favors mandatory controls. Even a number of conservatives are reluctantly swinging toward controls. Brookings Institution President Bruce MacLaury now supports wage and price restrictions, and Wall Street Banker Henry Kaufman says controls can make a "marginal contribution" in fighting inflation...
...flirtation with old solutions. Economist Walter Heller still opposes them but says that "somewhere along the line, a dose of wage-price controls may be what is necessary to give the economy some shock treatments and to lower us out of this inflation orbit." Adds Bosworth: "The choices to stop inflation are either a recession, with 10% unemployment for three years, or controls...
...guideline policy has probably held pay increases to levels below what they might have been. Thus the Administration shows every indication of sticking with the program longer. In any event the White House seems to have little choice. As COWPS Director Barry Bosworth admits: "We seem to have run out of ideas...
...case, the company has the last laugh. One of its executives was suffering from a bad case of flu when he met with COWPS officials in Washington after the President's phone call. Some time later COWPS Director Barry Bosworth and several other agency officials were put to bed with what their colleagues are calling "Sears' revenge...
...listens first to Charles Schultze, chairman of the Council of Economic Advisers, then to Treasury Secretary W. Michael Blumenthal and finally to several other aides. Moreover, the economic advisers are unable to work well together. Kahn does not get along with his council's director, Barry Bosworth, and has set up his own little bureaucracy separate from the wage and price guidelines program a block away. Blumenthal has been squabbling with Trade Negotiator Robert Strauss. At a Cabinet meeting last month, the Treasury Secretary accused Strauss of having worked out a sweetheart deal with the textile industry that limits...