Word: cea
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Dates: during 1960-1969
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...expected to keep his door and ear open to two others named to important posts. Paul W. McCracken, 52, an economist, a University of Michigan professor of business administration, and a member of Dwight Eisenhower's Council of Economic Advisers, will become chairman of Nixon's CEA (see BUSINESS). Harvard Government Professor Henry A. 'Kissinger, 45, who has served as a Government consultant and was a foreign-policy adviser to Governor Nelson Rockefeller during the preconvention period, will be Nixon's assistant for national-security affairs...
...What worries the Council of Economic Advisers is, first, whether the mixture will slow the economy too abruptly, and second, whether there is reserve power to be applied in mid-1969 when, projections indicate, the economy will need to be revved up again. The situation, said Warren Smith, the CEA's newest member, "calls for a very sophisticated use of fiscal and monetary policy that has never been attempted before...
...persistent source of inflationary pressure." Foremost among these was construction. The President acted after his Council of Economic Advisers warned that building costs were getting out of step with the economy "by a substantial margin." Construction wages have risen faster than those of other industrial workers, complained the CEA, "while improvement in practices and techniques has lagged seriously...
...little below their pre-Viet Nam strength. Up to a third of the returning veterans presumably would go back to school, leaving some 600,000 to help meet industry's need for skilled manpower. With lower defense spending, plus the ordinary growth of the economy, the CEA calculates that the Government will be able to distribute a $30 billion "fiscal dividend" to the nation. Part of it should be lower taxes to stimulate civilian demand, says the council, and part of it should be a rapid boost in federal outlays for education, health, housing, pollution control, highway beautification...
...There is a transition problem of converting to peace," admits CEA Chairman Arthur Okun, "but we think we can handle that." One reason for his optimism is that for all its high price tag, the $29 billion-a-year Viet Nam war absorbs only 3% of the total national output of goods and services-only half the proportion consumed by the Kore an War. The total defense budget today accounts for only 9% of gross national product, compared with 41% at the height of World War II and 13% at the Korean peak. More important, the end of the Korean...