Word: nixon
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Dates: during 1960-1969
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Burns, speaking in his role as Counselor to the President and coordinator of Administration domestic policies-a Cabinet-level position created specifically for him-strongly seconded Nixon...
...warned that Nixon might veto bills -possibly even the tax-reform bill-that involved excessive spending or loss of revenue. Almost his last words before his appointment to the Federal Reserve were: "We will not budge...
...recognizes the Government's obligation to maintain prosperity. As chairman of President Eisenhower's Council of Economic Advisers from 1953 to 1956, he agreed to increases in Government spending and in the credit supply that his successor, Saulnier, thought were too expansionist. In early 1960, he advised Nixon, then Vice President, that federal spending should be increased and credit eased to head off a recession that he correctly warned would hit its low point shortly before Election Day. Nixon could not persuade the Eisenhower Administration to adopt the Burns program. In Six Crises, Nixon wrote that "unfortunately, Arthur...
...view of his steadiness and stubbornness, it is paradoxical that Burns' principal advice to Nixon lately has been that the Government has to create economic "uncertainty." Burns believes that inflation can be stopped only if the Government persuades businessmen and consumers that prosperity is not necessarily perpetual and price rises are not inevitable. Right now, there is quite a bit of uncertainty. Last week, for example, the Government reported that in September personal income showed the smallest rise in 17 months, and industrial production dropped for the second straight month...
Burns will hardly have the trouble with Nixon that Martin had with Johnson. Burns is Nixon's favorite economist, and the saying in Washington is that "when Arthur talks, Nixon listens." The President has said that his choice of Paul McCracken to head the Council of Economic Advisers was made on the advice of "my good friend," Arthur Burns. It was Burns who also recommended Herbert Stein as a member of the three-man council and George Schultz to become Labor Secretary. His closeness to Nixon raises a somewhat ironic problem. The Federal Reserve is supposed to be independent...