Word: okun
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Dates: during 1960-1969
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Elusive Bliss. Despite such symptoms of strain, Arthur Okun, chairman of the President's Council of Economic Advisers, insisted last week: "The economy is moving into improved balance." Yet in almost the next breath, he told a Manhattan meeting of the National Industrial Conference Board: "If ever there is to be a year of bliss for the American economy it will not be 1969." Predicting that consumers will soon slow their heavy buying, Okun forecast a gradual slowdown of economic expansion. Along with that, he said, will come a rise in unemployment, a profit squeeze on business, and continued...
...White House's Arthur Okun promptly called the increase "manifestly excessive" and "a severe setback to the cause of price stability." He said: "We urgently request the other automobile manufacturers to head off this dangerous inflationary threat." President Johnson added his own warning: "If this price increase prevails throughout the industry, it will take three-quarters of a billion dollars out of the pockets of American families...
...Ford are planning to post their own new lists this week, and inflation watchdogs in Washington expect increases of about one-third of Chrysler's. They hope that such competition will force the No. 3 carmaker to fall into line once again. To help matters along, Okun and other top Administration people huddled last week with executives of both General Motors and Ford, including G.M. Chairman James Roche and Henry Ford...
Going well beyond that analysis, Presidential Adviser Joe Califano pronounced Big Steel's action a "major victory." Just seven days after Bethlehem, the No. 2 producer, announced its price hike, the steel industry had been forced into a partial "rollback." Minutes after U.S. Steel announced its move, Arthur Okun, chairman of the President's Council of Economic Advisers, summoned reporters to his Washington office and pronounced himself gratified. Spread industrywide, Bethlehem's increase would have filtered through the economy as a $1.1 billion rise in consumer prices. Now, he said, "the American consumer has been saved...
...There is a transition problem of converting to peace," admits CEA Chairman Arthur Okun, "but we think we can handle that." One reason for his optimism is that for all its high price tag, the $29 billion-a-year Viet Nam war absorbs only 3% of the total national output of goods and services-only half the proportion consumed by the Kore an War. The total defense budget today accounts for only 9% of gross national product, compared with 41% at the height of World War II and 13% at the Korean peak. More important, the end of the Korean...