Word: keynesian
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...deal in common. They are California's Paul ("Pete") McCloskey, 44, a Kennedy-esque Marine Reserve colonel who wants the U.S. out of Viet Nam at once, and Ohio's John Ashbrook, 43, a deep-dyed conservative who deplores Nixon's "leftward drift" on welfare, China, Keynesian deficits and in the U.S.-Soviet armaments race. Neither, however, has made much impression on the New Hampshire granite. Nixon's edge has dropped from 79% in October to 69% today in a state public television poll; McCloskey rates only 12%, Ashbrook...
...will get increased crop subsidies; federal workers will receive the maximum pay increases possible under Phase II guidelines; there will be some new jobs for unemployed scientists and engineers. Such openhanded spending marks Nixon's conversion from unsuccessful policies of conservatism and gradualism to the activist, pump-priming Keynesian economic theory, which holds that big Government spending is one of the fastest ways to stimulate the economy. Said a top Nixon adviser: "The President looks on this as an investment in getting the economy moving...
...satisfy critics in the center or on the left -has so disturbed many of his conservative backers that he appears to be in some danger of alienating a constituency he has counted as his for 25 years. Welfare reform, cutbacks in defense spending, advocacy of deficit spending and Keynesian economics were difficult enough for Nixon's conservative supporters to tolerate, but for many, rapprochement with Communist China was the final straw. In recent weeks, right-wing spokesmen have announced a formal split with the President...
Milton Friedman, Sc.D., anti-Keynesian star of the University of Chicago's department of economics...
...principle, the fine print of the budget supports the two large aims that Nixon set for it. A candid Keynesian approach-the planned deficit, unlike this year's unintended one-is there to stimulate the economy, presumably to a degree so judicious that further inflation would be controlled. A budget, however, is only a plan and a set of assumptions. Nixon, to his possible future regret, bases his projections on a steeper upturn in the economy than most independent experts predict (see BUSINESS...