Word: greenspan
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Dates: during 1970-1979
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...University of Minnesota Economist Walter Heller have both served as chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson. Otto Eckstein, Harvard professor and head of Data Resources, Inc., a Cambridge, Mass., think tank, is a former member of the council, and its current chairman, Alan Greenspan, is on leave from TIME's Board. Murray Weidenbaum, who replaced Greenspan on our panel, was Assistant Secretary of the Treasury in the Nixon Administration. Robert Nathan heads a private consulting firm in Washington; David Grove is chief economist at IBM; Robert Triffin, an expert in international monetary policy...
...Greenspan stressed the need to hold down Government spending and persuaded Ford to oppose any new spending programs for one year. Indeed, Ash wrote the State of the Union passage in which Ford said: "If we do not act to slow down the rate of increase in federal spending, the United States Treasury will be legally obligated to spend more than $360 billion in fiscal year 1976?even if no new programs are enacted...
...could have sounded a bleaker note than Alan Greenspan, chairman of the Council of Economic Advisers, when he testified before the Joint Economic Committee last week. "The outlook for 1975 is neither pleasant nor reassuring to those who hope for a sudden correction of our problems," he said. He did not foresee an upturn until the third quarter, if then, unless there is a major change in policies. "Although we had expected some weakening, what we are now experiencing has come upon us much more suddenly than we generally realized...
...parallels have reinforced complaints by businessmen and public officials that the press is gratuitously contributing to bearishness. For the most part, however, the press has avoided wallowing in gloom. Nor have many publications been suffused with optimism-an attitude that most readers would reject anyway now that both Alan Greenspan, the President's chief economic adviser, and their own firsthand experience warn them that harder times are ahead...
...RECESSION. The pressure on Ford to move forcefully to halt the worsening recession is growing. In fact, Ford's policymakers are in the process of charting a course toward more fiscal ease. Neither Treasury Secretary William Simon, Chief Economic Adviser Alan Greenspan nor Federal Reserve Chairman Burns wants to give up on vigorously fighting runaway prices. In their view, soaring costs are a key factor in the business downturn because they force consumers to put off purchases of everything from autos to airline tickets. Even so, Simon and Greenspan have said that a tax cut might be appropriate...