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What Schultze's early prominence seems to indicate is that the CEA, an agency that had its share of reversals, will be a major force in the management of the nation's economy. That idea was reinforced last week when the Senate held confirmation hearings on the two other men who will serve with Schultze on the council. They are Lyle Gramley, 50, who comes to the CEA from twelve years at the Federal Reserve Board, and Yale Professor William Nordhaus, 35. The three should make a compatible team. Philosophically Gramley and Nordhaus, like Schultze, can be expected...
...definitely not a monetarist [one who places prime importance on money supply]. The growth rate of the money supply is not the beginning and end of economics." He is regarded as one of Washington's best at economic forecasting, a field he will specialize in at the CEA. Nordhaus, bearded and bespectacled, calls himself "an economic theorist rather than an ideological economist -conservative on some issues, moderate on some and radical on others." He is an expert on the economics of energy, and will devote much of his time at the CEA to international, energy and environment issues...
Lowest Point. Schultze will need his rapport to maintain a grip on policy. Over the years, the CEA's power has fluctuated wildly according to the performance of its chief and his relationship with the President. Chairman Leon Keyserling so angered Congress by his partisan support of Truman Administration policies that President Eisenhower let Congress put the council out of business briefly in 1953. Walter Heller played a dominant role in shaping the economic policies of the Kennedy and early Johnson Administrations, but President Nixon listened far more to his Treasury Secretaries, George Shultz and John Connally, than...
Using the license available to a lame-duck Administration, the Ford CEA report acknowledged a politically touchy and therefore long-ignored reality: "full employment" no longer means a jobless rate of 4%, the level generally accepted in the '50s and early '60s. The Ford report pegs it at 4.9%. Many economists suggest that it should be even higher, perhaps as much...
...Restraints. A pragmatic, neo-Keynesian economist. Schultze favors a temporary tax cut of undetermined size to stimulate the economy and help reduce unemployment. Unlike the present head of the CEA. Alan Greenspan, Schultze thinks it is socially disastrous to combat inflation by keeping the lid on the economy and keeping unemployment high, says fellow Economist Arthur Okun. On the other hand, Schultze, no doctrinaire, fully appreciates the dangers of inflation. It was largely his testimony that brought about the drastic revision of the Humphrey-Hawkins bill, which would attack unemployment by making the Government the employer of last resort...