Word: ceas
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...Secretary dropped by former President Nixon; Robert Roosa, 58, an Under Secretary of the Treasury in the Kennedy Administration; and Arthur Okun, 47, who was Chairman of the Council of Economic Advisers under Lyndon Johnson. Charles Schultze, 51, Budget Director under Johnson, has been mentioned for Treasury or for CEA chairman. A possibility for Director of the Office of Management and Budget is Alice Rivlin, 45, head of the impressive new budget arm of the Congress...
...LIQUID hydrogen explosion three alaram fire in the experimental chamber of the Cambridge Electron Accelerator yesterday injured eight Harvard and MIT scientists and research technicians, three of them critically. The multi-million dollar explosion ripped apart the entire roof of the circular experiment section of the CEA complex, severely damaged a $1,000,000 hydrogen bubble chamber, and destroyed an elevator shaft in the adjoining administrative section of the structure...
Critics' Complaint. Liberal critics note disapprovingly that the CEA report forecasts a 6% inflation in 1977 as well as in 1976, and that that would represent hardly any improvement over the 6.2% annual rate at which consumer prices rose in December (the increase during 1975, December to December, was 7%, down from 12.2% in 1974). "That is the most depressing feature," says Arthur Okun, a member of TIME's Board of Economists. "What are we buying with this moderation of recovery?" The liberals argue that the nation could afford faster growth with little if any more inflation...
...CEA report implies that holding down the budget will allow the Federal Reserve to pursue a more stimulative monetary policy without fanning inflation. Spending restraint, the report indicates, will also leave open the option of more or larger tax cuts if the economy needs them, and ultimately shift the use of U.S. output in the direction of more investment rather than consumption. Even so, the CEA says that new incentives for savings and investment will probably be needed if the U.S. is to reach "full employment"-now defined as any jobless rate less than 5%-after 1980. A Commerce Department...
Short range, the darkest cloud hanging over the CEA'S forecasts is money-supply policy. The Federal Reserve Board has lately been undershooting Burns' own target of a 5% to 7.5% annual rate of increase; the nation's money supply has grown at an annual rate of only 2.7% in the past three months. The CEA report asks: Will money-supply growth be appropriate? Its answer: Yes. But that yes is based on Burns' target, not on actual performance, and some economists at the CEA are afraid that the Federal Reserve will not produce on schedule...