Word: presidentitis
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Dates: during 1960-1969
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Paul McCracken, the President's chief economic adviser, warned the businessmen of sacrifices ahead. "You will have to steel yourselves to the fact that all the things happening are all the wrong things-lower profits, a cost squeeze." Even after the "painful transition" is over, he said, the Government...
A Call for Controls. The meeting took place amid increasing signs that businessmen are growing pessimistic about the chances that the Administration's strategies of tight money and budget surplus will actually stop inflation. The latest economic statistics indicate that the policies are indeed slowing the economy. Corporate profits...
Fictional Rate. That pressure last week brought a further rise in interest rates from their already towering levels. High-grade utility bonds were offered in Wall Street at a record 8.9% yield. William F. Butler, vice-president of the Chase Manhattan Bank, says that banks are refraining from raising their...
THE burden of inflation, President Nixon has often said, falls heavily upon the poor, "who are largely defenseless" against price increases on the necessities of life. That view is seldom questioned by politicians, but a growing coterie of economists has lately come to regard it as a misleading oversimplification. Affluent...
This thesis impresses many eminent economists. Says Walter W. Heller, former chairman of the President's Council of Economic Advisers: "I think we have to be very, very careful in suggesting that inflation is the enemy of the poor. It may be their friend in employment terms." Some Government...