Word: ceas
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...CEA confessed to a nagging worry about food prices-and with good reason. The Agriculture Department last week reported that farm prices jumped 5% in January, the second straight monthly rise of 5%. The Administration has responded by taking steps to raise meat output: it ordered another 9,000,000 acres of land restored to production of feed grains. The move will not affect prices until late summer or fall...
Panic. Like the President, the CEA stressed the need for economic restraint in order to prevent greater inflation. It said that the pace of the nation's boom should be slowed in the second half of the year by a combination of budget hold-downs and a less rapid expansion of money supply. Still, its projections for the full year add up to a powerful advance in every sector: gross national product should rise about $115 billion, to $1,267 billion; real growth of 6¼% will top even the 6½% of 1972; inflation will be no higher...
...less-than-optimistic note in the council report: the CEA rejected the idea that the Government should set a target of driving the jobless rate down to 4%, which has long been accepted as "full employment." The CEA indicated that the Administration expects to push the rate next year below 4.5%, but refused to say how low it might go, and argued against setting any target at all. "Full employment," it said, should be defined as "a condition in which persons who want work and seek it realistically on reasonable terms can find employment"-and the Government simply does...
Fittingly enough, the first CEA report to be prepared partly by a woman -Marina von Neumann Whitman, the council's only female member-is also the first to contain a chapter on the role of women in the economy. The chapter was included because CEA Chairman Herbert Stein was asked to write an article for the Ladies' Home Journal on the subject; looking into the matter, he discovered what Mrs. Whitman calls "a mass of ignorance." The CEA report cuts through that ignorance in rather gloomy fashion and indicates that women have made startlingly little progress toward...
...farther behind the incomes of their husbands, brothers and male colleagues in the past 15 years or so. In 1956 the average full-time female employee earned 63.3% as much as the average male worker; in 1971 she grossed only 59.5% as much, or $5,593 a year.* The CEA suspects that this comparison is distorted by the fact that the normal work week is about 10% longer for men. Even adjusting for that difference, a woman's pay averages only 66.1% of a man's wages...