Word: national
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Dates: during 1960-1969
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Because money is so potent, he contends that the board should allow the supply to expand at a fairly constant rate of about 5% a year, in line with the long-term growth rate of the nation's production of goods and services. Last week the Federal Reserve issued some statistics that led even a few experts to conclude prematurely that it had begun to ease its tight-money policy. In reality, the board has done no such thing. It has merely followed its usual policy of permitting a slight seasonal rise to accommodate businessmen's heavy pre-Christmas buying...
...board is split by a rare public debate over whether, when and by how much to expand the money supply. Last week Vice Chairman James L. Robertson called for "tighter and more painful controls" to eradicate the nation's "inflation psychosis." Such tough talk reflects a serious worry that is still shared by the majority of the board's members. They fear that even the slightest move toward easier money or lower interest rates would be misinterpreted by businessmen as a signal to get set for another jolt of inflation. In the minority at present, Board Members Sherman...
...rapidly being identified in the public mind as "Nixon's inflation." The American people are angered and frustrated by inflation, and the polls show that an overwhelming majority criticize Nixon's handling of the persistent problem. Moreover, Nixon believes that he must stabilize the economy before the nation can effectively marshal the resources to carry through the social and environmental programs for which so many voters are clamoring...
...long or too hard, the result could indeed be what most economists define as a recession: at least two successive three-month periods of no real growth in the total economy, a condition that is almost sure to bring about a substantial jump in unemployment. At present, the nation might find such an experience particularly troublesome. A recession could aggravate social unrest. The jobless rates among blacks normally run twice as high as those common whites; among blacks under 25 years old, they often reach five times the overall rate...
Though Paul McCracken is a socially sensitive man who fully recognizes the dangers involved, he argues on behalf of the Administration that "We have no alternative but to risk overstaying with policies of restraint." Economist Gabriel Hauge, chairman of Manhattan's Manufacturers Hanover Trust Co., agrees: "The nation has to run the risk of getting into a recession. We should not be afraid of overkill...