Word: bosworth
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...President, his chief inflation fighter Alfred Kahn and other Administration officials that no such move is contemplated. Thus corporations are pushing up prices earlier and higher than they ordinarily would as a hedge against being caught by controls "with their prices down." As a result, says COWPS Director Barry Bosworth, the Administration is tightening up on its price standards, which are becoming less and less voluntary...
...example, COWPS will now require all companies with annual sales of more than $250 million, including those that produce prescription drugs, cement, and electric motors, to file quarterly reports on price actions, including any price changes being considered for the future. Bosworth frankly admits that there has been plenty of mismanagement of the price standards. Yet he insists: "The answer is not to abandon the program. We've lost a lot of time, but we've got to get a better flow of information...
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...
...turf are compounded because Kahn does not want to serve as the Administration's major jawboner or supervise the day-to-day monitoring of wages and prices. He prefers to leave the handling of 7% wage guidelines and the figuring out of profit margins to Barry Bosworth, the Council on Wage and Price Stability director, another academic who is temperamentally unsuited for the job. Instead, Kahn sees his role as an inflation ombudsman. He says that he wants to restrain Government activities that foster inflation. Kahn plans on cutting regulation, loosening up building codes, freeing land use and promoting...
...alternatives to Stage 2, Administration planners believe, are worse. In a burst of candor, COWPS Director Barry Bosworth said that if the plan fails, the U.S. will face a "cruel choice" of outright wage-price controls or recession. Some non-Government economists, including Democrats Arthur Okun and Walter Heller, also believe a recession is becoming more likely, partly because inflation is eating up consumer purchasing power, partly because the Federal Reserve Board is pushing interest rates so high...