Word: hellers
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This thesis impresses many eminent economists. Says Walter W. Heller, former chairman of the President's Council of Economic Advisers: "I think we have to be very, very careful in suggesting that inflation is the enemy of the poor. It may be their friend in employment terms." Some Government figures buttress the argument. For example, 800,000 of the 5,800,000 U.S. families that were officially defined as poor in 1966 had increased their incomes enough to rise above the poverty line last year. Their gains were achieved even though inflation had meanwhile pushed the poverty line...
...Department of Public Health has proposed irresponsible standards. The resulting level of air pollution would be damaging to both humans and to property," said Eric J. Heller, a second-year graduate student in Chemical Physics and a member of the Sierra Club, one of the organizations in the coalition...
...HELLER: There is no earthly way-maybe there is a heavenly way-to achieve price stability or to disinflate without knocking people out of jobs. When you talk about moving from, say, 3.5% to 4.5% unemployment, that means an other 830,000 people will be knocked out of work. They are not likely to be the skilled and the semiskilled and the strong. They will probably be those workers who are the weakest links in the employment chain, potentially the most disruptive links in the social and political chain...
...HELLER: By 1971, I see us steaming back toward full employment and good growth. For the later 1970s, I am essentially an optimist. We will get back to a tolerable trade-off between unemployment and inflation, and we will again be growing in real terms at 4% a year. If we maintain our commitment to full employment and rapid growth, if we attempt to cope with the great social stresses and strains in our nation, it will be very tough to get the G.N.P. deflator consistently below 2.5%. We have to learn to live with something around...
...HELLER: It is perfectly clear that we can no longer live by economics alone. Certainly the "New Economics" isn't enough, and the "Nixonomics" isn't enough. We need a new amalgam of social and economic considerations. It is not enough just to grow-it's a question of growth for what...