Word: mccrackens
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What prompted the turnabout? Earlier in the year, Nixon ruled out a tax cut as a means of restarting the economy. Over objections from his Council of Economic Advisers, headed by Paul McCracken, Nixon took the advice of George Shultz, chief of the Office of Management and Budget. Shultz thought that large doses of money from the Federal Reserve, presided over by Nixon's old economic mentor Arthur Burns, would be enough to get things moving. Besides, a tax cut would require a trek up to Capitol Hill, a humiliating concession that all was not well...
Catoctin Mountain retreat. Burns and McCracken were there; so were Shultz and his deputy, Caspar Weinburger, and the two Teutons who guard Nixon's gates, H.R. Haldeman and John Ehrlichman. Peter Peterson, a presidential aide for international economic affairs, joined the sessions. Volcker and Speechwriter Bill Safire sneaked across Washington to the Anacostia Naval Air Station, where they boarded a helicopter for Camp David. John Connally, who had no way of knowing that the pressure on the dollar would propel him into prominence so soon, had just gone to his Texas ranch for a vacation. He jetted hastily back...
...other economic policymakers. When Nixon was drafting two economic messages in June and December last year, some of his aides urged him to accept Burns' idea of a wage-price review board; Shultz persuaded him to reject it openly. It was Shultz who argued, over the objections of Paul McCracken's Council of Economic Advisers, that the Administration should base its 1971 policies on the expectation that the gross national product would soar from $974 billion to $1,065 billion. He confidently forecast that the target would be hit if Burns' Federal Reserve pumped out enough money, which it certainly...
...longtime social friend and personal adviser of Nixon, Burns fears that Nixon is being ill-advised on the economy by Shultz and Economic Adviser Paul McCracken, as well as by Treasury Secretary John Connally, who has emerged as the chief circuit rider and advocate for the Administration line. Burns also holds White House Assistants John Ehrlichman and H.R. Haldeman in contempt as low-caliber politicians. He contends that unrealistically optimistic statements only decrease the Administration's credibility with hardheaded business and labor leaders, who appreciate candor. When a friend told Burns that the Administration feels he is not cooperating...
...figure circulating in Washington last week indicated that during the second quarter of 1971 the annual rate of G.N.P. was only $20.4 billion higher than in the first quarter. That gain was only two-thirds of what the President had hoped for. One result, as Chief Presidential Economist Paul McCracken recently admitted, is that "the expansion is not yet moving fast enough to eat into unemployment." The jobless rate is a discouraging 6.2% of the work force and is likely to go higher as more Viet Nam veterans hit the streets...