Word: okun
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...mildly deflationary measures because unemployment is so low. Encouragingly, economists of the Johnson Administration believe that the wage-price spiral eventually can be restrained by permitting unemployment to climb back to a politically acceptable rate of about 4%, and letting it hover there for a while. But, warns Arthur Okun, the outgoing chairman of the President's Council of Economic Advisers: "If ever there is going to be a year of bliss for the American economy, it will...
...Heller was the leading advocate of the Keynesian "New Economics"-the policy of flexibly adjusting taxes, Government spending, and the money supply to influence the economy -and he sold Kennedy on the idea of cutting taxes to stimulate business and employment. His successors, Gardner Ackley and Arthur Okun, have acted as important policymakers within the Johnson Administration. President-elect Nixon says that he will give "a major role" to the council, and he hails McCracken as "a centrist, a man who is pragmatic in his economics...
Bitter Exception. Any such solution is certainly anathema to the present Administration, would probably be distasteful to the next. Humphrey has said he is "determined" to keep joblessness at a minimum; Nixon vows to fight inflation "without increasing unemployment." In Washington, Chief White House Economic Adviser Arthur Okun took exception to the view that braking measures would have to be continued for very long. Inflation, he warned, might be less of a hazard than a prolonged slowdown, which could bring on "a stall and perhaps a tailspin...
...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...