Word: nixons
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Dates: during 1960-1969
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...Nixon's difficulties are complicated by the fact that the Republican Administration and the Democratic-controlled Congress have hit an impasse on fiscal policy. The President has trimmed $7.5 billion from the federal budget that he inherited from Lyndon Johnson and ordered reductions in Government construction. Congress has consistently voted this fall to raise federal spending above the levels that the White House wants. Last week Nixon announced that he would impound appropriated funds, if necessary, to keep the Government from running an inflationary deficit in fiscal...
...passed last week is loaded with so many tax reductions?as well as a costly 15% increase in social security benefits?that the President has threatened to veto it. "I intend to use all the powers of the presidency to stop the rise in the cost of living," said Nixon at a press conference shortly before the Senate acted. "If I sign the kind of bill which the Senate is about to pass, I would be reducing taxes for some of the American people and raising prices for all the American people. I will not do that...
...dealing with the reality of inflation and the possibility of recession, Nixon so far has shown a deep reluctance to intervene in the private economy. He has rejected price guidelines, personal pressures on business and labor leaders, and outright controls. His policy coincides with Friedman's fundamental ideology?a strong aversion to Government interference?and places great emphasis on lower federal spending, as well as the monetary measures that Friedman has illuminated and popularized. Manipulation of the money supply operates indirectly on the economy, but its impact is ultimately massive and touches the lives and fortunes of nearly everyone...
...before congressional committees, in private chats with policymakers, and in a triweekly column for Newsweek. Last week he left his Vermont mountaintop retreat, where he customarily spends about half his time studying and writing, for a rapid round of evangelistic appearances. He flew to Washington to meet with a Nixon commission that is studying plans for a U.S. shift to an all-volunteer Army. Later he made a speech in Manhattan, then went to Boston. Dressed in a baggy brown suit and well-worn shoes, Friedman met for lunch with 20 impeccably tailored mutual-fund advisers and entertained them with...
...series of monetary crises and devaluations, central bankers in the U.S. and abroad are giving serious study to a modified form of the idea. As early as 1942, Friedman began advocating a negative income tax as a substitute for the nation's demeaning and generally ineffective welfare system. The Nixon Administration this year asked Congress to provide a minimum income for every American, though not quite in the way that he advocates. Friedman would abolish most other types of aid to the poor and substitute the income guarantee. It would provide direct cash grants that poverty-level families could spend...