Word: mccrackens
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...Whitman's nomination for the council is confirmed by the Senate--where little opposition is expected--she will replace Paul W. McCracken, the chairman of the council, who recently resigned...
...present, for instance, the total cost of producing a metric ton of steel is $184.59 in the U.S. and $100.49 in the Common Market. But U.S. wage increases are tapering off at the same time that rising expectations in Europe are rapidly forcing up labor costs. Paul W. McCracken, chairman of the President's Council of Economic Advisers, pointed out last week that U.S. labor cost per unit of output will rise only 3.5% this year v. 6.5% in 1970. That factor, plus the revaluation of currencies now taking place, will gradually tend to make European industry relatively less...
...theoretically one of the most powerful in Washington, but its actual clout has varied widely with the man filling it. McCracken, on leave from the University of Michigan, was one of its less mighty occupants. Gracious and courtly, he once asserted: "I'm a professor, not a politician." No infighter, he was elbowed aside in policymaking by Budget Boss George Shultz. When Treasury Secretary John Connally replaced Shultz as top economic-policy man, McCracken rode Connally's coattails within the Government by arguing -well before Stein-for an incomes policy. Publicly, however, McCracken became known for doggedly insisting...
...McCracken's successor, Stein will have the task of watching carefully over Phase II policies, of telling the President whether they are succeeding and of suggesting alternatives if they are not. Logically, that should be a special purgatory for Stein, who still harbors deep theoretical doubts about the program. But, he says, "my skepticism is subordinated to making the program work. After all, I have a sort of parental love...
...recession should soothe this pain somewhat. Productivity always suffers during recessions, when employers traditionally cut production faster than they lay off workers. During a recovery, the process reverses: the workers who have been kept on the payroll get more to do as sales pick up. Paul W. McCracken, chairman of the President's Council of Economic Advisers, predicts that productivity in the next year could rise as much...