Word: counsellors
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Dates: during 1970-1979
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...surplus. Real growth in the gross national product (GNP) had all but ceased in the final quarter of 1969. Continued doldrums (see BUSINESS) would mean lower tax yields. That concern brought Kennedy into agreement with Economist Arthur Burns, who, on Feb. 1, will leave his post as Counsellor to the President to become chairman of the Federal Reserve Board. Burns had been arguing for tighter restrictions on Government spending on the grounds that the Reserve Board's limitations on the money supply, severe though they have been, could not alone cope with inflation...