Word: cea
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...negative point. According to President Johnson's Council of Economic Advisers, that 10%-a-year growth rate is about 21 times as much as the economy can sustain under stable conditions. "It's like trying to pour 10 oz. of water into an 8-oz. bottle," says CEA Chairman Arthur Okun. "You get water all over the table...
...benefits, the Ford settlement dwarfs the 4.9% won last year by the airline machinists, who effectively buried the Administration's once cherished 3.2% wage-price "guide-posts." Though the Administration has been strangely silent of late, it is now clear that another mark has been passed. Last August CEA's Ackley expressed the hope that Reuther's men would not jostle "the general pattern that has developed this year around...
...Despite stresses and strains," says Director William E. Simkin, a pipe-puffing, peace-seeking Quaker, "the bargaining process is working reasonably well." But the remaining 12% of the disputes present major headaches for industry and for the economy as a whole. If the Ford strike lasts until Thanksgiving, former CEA Chairman Walter Heller last week warned the Economic Club of Detroit, the resulting drop in the gross national product could reach $4 billion...
Economist Walter Heller, CEA chief under both Kennedy and Johnson, gives the economy "a fifty-fifty chance of overheating" by winter...
Back to Guideposts. To forestall that peril, incumbent CEA Chairman Gardner Ackley last week called for a "revival and strengthening" of the Administration's moribund wage-price guideposts. "The breathing space in price pressures will not last," he warned. "An upward trend in costs has been masked by declining prices for food and raw materials. And last year's price increases have still not worked their way fully through our cost-and-price structure...