Word: nathaneal
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Dates: during 1970-1979
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...worst consequence: the jobless rate, now 8.9% of the work force, will go on rising for a few more months and will come down slowly after that. Most board members expect a peak of about 9.5%. Robert Nathan guesses that it could hit 10%-and predicts that the unemployment rate will not go below 8% any time next year. Other board members are slightly more optimistic; Otto Eckstein forecasts a jobless rate of 7.7% by the end of 1976. Even that would mean that after a year and a half of recovery, the unemployment rate would be as severe...
...board members expect that they will lend the same robust support this time. Housing starts are running at an annual rate of less than 1 million and are generally not expected to climb much above 1.4 million this year, v. 2.5 million in early 1973. The main reason, as Nathan points out, is that builders still have a full year's supply of finished but unsold houses to dispose of. Automakers last week reported that sales during early May, normally a high point in the spring buying season, fell 21% below the already depressed levels of a year earlier...
...Incentives. Okun, in addition, favors relatively modest new revenue-sharing aid to states and cities that are now being forced to lay off workers, cut services and raise taxes. In an unusual proposal for a staunch liberal, Nathan suggests special tax incentives to selected industries so that they could speed up investment in such things as oil-pipe plants and coal transport and build storage facilities to hold a year's stockpile of oil as insurance against another Arab embargo...
Pechman, Okun, Nathan and others retort that the economy is operating so far below its potential that for at least the next 18 months or so, a rekindling of inflation need not be feared. They are concerned about inflation from a different aspect: they believe that the savagery of the recession and the subsequent drop in demand should have forced a sharper slowdown in the rate of price increases than has, in fact, occurred. Businessmen, they suspect, are refusing to cut prices partly because they want to keep profit margins up, partly because they do not think that price cuts...
...Mellon Foundation is chaired by Former Harvard President Nathan M. Pusey '28. President Bok said yesterday that Pusey had spoken in favor of the grant to the Divinity School because he "recognizes from experience the particular difficulties in raising funds for the Divinity School...