Word: nixon
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Dates: during 1960-1969
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Milton Friedman's opinions have particular weight now because the Nixon Administration has placed great reliance on the policies that he prescribes to deal with the current inflation. Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job in Washington because "I like to be an independent operator," but his ideas are highly regarded within the Administration. "Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat...
...Friedman sees it, the timing and severity of a recession will depend mainly upon how quickly Maisel and Mitchell can persuade their fellow board members to ease up on money. President Nixon can cajole the members, but legally he cannot control the actions of the board, which is independent of the executive branch. As a practical matter, though, the board would find it difficult to resist presidential arm-twisting...
...Nixon faces a dilemma. Inflation is his No. 1 domestic problem and, though it started long before he came into office, it is 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...
...other side of the coin is that if Nixon pushes anti-inflationary policies too 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...
...Administration's economists admit that they are practicing brinksmanship. Anything more severe than a mild or brief recession would damage Republican chances of winning more Senate and House seats in next November's election. It will avail Nixon little politically to blame inflation on the Johnson Administration, even though Lyndon Johnson's failure to ask for higher taxes in 1966 to help meet Viet Nam costs is a major source of today's problem. Some congressional Republicans believe that Nixon will arrange to relax the money squeeze well before ballot time. But at least one of the President's most...