Word: mccrackens
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...Paul McCracken, the President's chief economic adviser, warned the businessmen of sacrifices ahead. "You will have to steel yourselves to the fact that all the things happening are all the wrong things-lower profits, a cost squeeze." Even after the "painful transition" is over, he said, the Government will not allow the economy to resume its rapid rate of growth. Instead of annual increases in spending of 8%-10%, the growth will be held down, McCracken said, and "this difference should be kept firmly in mind." Labor Secretary Shultz said that the businessmen would have to face union...
...scheduled to become Federal Reserve chairman in January, said last month that "we will not budge." Simultaneously, however, Labor Secretary George Shultz began arguing for an immediate but moderate expansion of money and credit. Though he lost the argument, he soon may gain an important ally. Paul McCracken, chairman of the President's Council of Economic Advisers, believes that the severely restrictive policy has been correct so far, but now he is beginning to wonder whether the time has come to advocate some loosening. He admits that the present monetary and fiscal policies, if continued indefinitely, "would make...
...Paul McCracken, chief of the President's Council of Economic Advisers, expects many strikes ahead, but is not too worried about their long-run effect on the economy. Indeed, some Administration policymakers profess a rather Olympian unconcern over the impact of strikes. Partly for that reason, the Administration is determined to stay out of labor disputes. Labor Secretary George Shultz emphasized its stand a week before the strike at a meeting of the Business Council, the elite group of 200 business leaders headed by G.E. Chairman Fred Borch. Briefing newsmen, Shultz predicted much labor unrest ahead, but declared that...
Clever Compromises. Nixon hardly knew Shultz when he appointed him Secretary of Labor. The President was impressed by a pre-election task-force report on manpower that Shultz had written and by the enthusiastic recommendations of his closest economic advisers, Arthur Burns and Paul McCracken. Mild-mannered and professorial, the new Secretary seemed at first to be another unremarkable technician in a Cabinet noted for its blandness. His speeches still resemble a lecture in Business Administration...
Builders complain that housing is being squeezed by the Government for the fifth time in 15 years. Paul McCracken, chairman of the President's Council of Economic Advisers, admits that they have a point. Because housing depends so greatly on credit, he concedes, the industry lies "at the end of the economic whipcracker." When the Government snapped that whip by severely tightening money in 1966, housing absorbed 70% of the resulting cutback in lending. Builders had not yet made up for their 1966 production losses before they were hit again...