Word: inflationitis
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Dates: during 1960-1969
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Inheriting a dangerously overheated economy, Nixon has moved forcefully to curb inflation. His economists have tightened the fiscal and monetary screws and, unlike Johnson, Nixon appears ready to maintain that firm grip even at the cost of greater unemployment. But some of his subordinates have been painfully inept, notably Treasury...
NERVOUS about inflation, tight money and the prospects of a business slowdown, Wall Street has more than enough to worry about these days. But last week the words and deeds of some very important people further unnerved investors. At the U.N., U Thant reported that fighting along the Suez Canal...
What investors saw on the tax-and-money front in Washington last week was just the opposite. Extension of the tax surcharge has become the symbol of the Government's determination to fight inflation; if it is not extended, the Federal Reserve will have to make money even tighter...
Economists of all shades of opinion consider controls undesirable, unworkable, unfair, even immoral. Conservative Milton Friedman has condemned them, and so has Paul McCracken, head of Nixon's Council of Economic Advisers. Another former CEA chief, Walter Heller, adds: "Trying to substitute Government omniscience for the brilliant cybernetics of...
Viewed solely from Washington, the Administration's tactics appear to many to be thoroughly inept. Factions within the Executive wrangle too long and too publicly before decisions are made. There has been an inability to gauge congressional sentiment. Unless the Nixon voting rights bill, for example, was designed simply...