Word: mccrackens
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...despite their affluence, feel financially strapped and vexed to the point of outrage at the soaring prices they must pay for both the necessities and the luxuries of life. President Nixon says that an attack on inflation is his number one domestic priority. His economists, led by Chairman Paul McCracken of the Council of Economic Advisers, are guiding a delicate effort to control inflation gradually and avoid bringing on the recession that Nixon deeply fears...
...long before inflation will be stopped? Changes in monetary policy usually take six months to a year to be felt through the entire economy. Since the money supply was tightened only six months ago, White House Economist McCracken figures that the U.S. is now going through the "awkward months" of waiting for the effects to become vis ible. When money is restricted and taxes raised, the usual sequence is that pro duction slows down after some months, then profits drop and businessmen cut back on hiring. Prices are the last to fall. Usually they come down only after demand slackens...
White House economists nevertheless maintain that the economy is performing close to their expectations. They contend that it normally takes about six months before monetary and fiscal measures begin to affect prices. "We must recognize the narrow social tolerances within which economic policy must operate," says Chairman Paul McCracken of the Council of Economic Advisers. "The cold-turkey treatment of sharp deflation is not available in the modern world." If the spring fever proves resistant, the Government's cures should, along with the anticipated seasonal slack, begin to show some results by summer...
...think the message is already starting to get through," says Paul McCracken, chairman of the President's Council of Economic Advisers. "Policies can be decisive and persistent without being cataclysmic...
Amid the uncertainties of an ebullient springtime economy, businessmen can only hope that McCracken's vision is correct...