Word: economists
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Dates: during 1970-1979
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...White House political advisers are primarily worried about the danger of recession, and they pressed for stimulative measures to head it off and help the people who would be most hurt. Arguing for this were Donald Rumsfeld, new staff coordinator, and Robert Hartmann, Presidential Counsellor. They were joined by Economist Paul McCracken, who as Nixon's first chairman of the CEA, helped formulate the original "game plan" strategy of combatting inflation with budget and monetary restraints; that policy slowed the economy but did not do enough to brake prices...
Prices are certain to go even higher. The wholesale index in August soared 3.9%, to a harrowing annual rate of 46.8%. Says Economist Otto Eckstein of Harvard: "If the wholesale index does not do dramatically better by, say November or December, then the outlook is pretty grim." One hopeful sign: after several years of going straight up, prices are dropping on many raw industrial commodities, including cowhide, copper, rubber, wastepaper, cotton, lumber and steel scrap. They are declining largely because of reduced demand...
...economist, recognized for his work on international finance, said, "Given this prospect [of continuing high prices], it is time for the United States to provide the leadership to deal with the management of the revenues accumulating rapidly in the hands" of the Arab oil exporters...
...extended town meeting of the nation on its economic ills. In the end, the Ford Administration's unprecedented experiment in inflation summitry sounded an expectably sobering note. After almost a month of separate meetings with economists, businessmen, labor leaders, farmers, financiers and other groups, the President and his top economic aides last week sat down with some 800 leaders of those interests, as well as key Senators and Congressmen, for a mammoth two-day debate on what to do about the U.S. economy. Though politically the Democrats warned Ford that he could not count on automatic bipartisan support...
Almost alone in the cacophony, private economists at two minisummits of their own blew a very certain trumpet summoning the Government to attack the myriad federal laws and regulations that already benefit special interests - including portions of the Government itself - to the detriment of anti-inflationary policy. The economists denounced such contrivances as methods of restricting competition, propping wages at high levels and sustaining lofty prices for oil, ship ping, meat, even uranium for nuclear power plants. If the more invidious pieces of tailored legislation were repealed or amended, suggested Harvard Economist Hendrik S. Houthakker, the nation's entire...