Word: samuelson
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National Warning. At Kennedy's request, a task force of economists headed by M.I.T. Professor Paul Samuelson, one of Kennedy's most trusted counselors, delivered a thick report which warned that 1) the slump is bad, and 2) it could very easily grow worse, with unemployment topping the post-World War II peak of 7½% Among other things, it urged fat federal unemployment subsidies to guarantee every jobless worker at least 50% of his wages for 39 weeks; big Government spending programs for health, welfare, urban renewal, school buildings and teachers' salaries; more construction of highways...
...this cake was some frosting that would appeal to many a businessman. Samuelson recommended that if business worsens and it becomes necessary to open a "second line of defense," Congress should rev up consumer spending by cutting personal income tax rates by three or four percentage points for one and all through the end of 1961, and by giving power to the President to extend the reduction through the end of 1962. Bucking the liberals' demands for easier money, Samuelson held firm against broadly lower interest rates (but urged a 4½% maximum on mortgages to stimulate housing), lest...
...economic policy for the early stages of his Administration. One line in particular caught his eye: "He misreads the role of confidence in economic life who thinks that denying the obvious will cure the ailments of a modern economy." Kennedy studied it, looked up from the report and told Samuelson...
...Then the market eased a bit, ending at 621.54 for a week's gain of 5.75. The market, like many businessmen, was waiting to see what the new Administration will do to spur business. A Kennedy-sponsored economic task force headed by M.I.T.'s Professor Paul Samuelson last week gave some hints. In a lengthy report (see NATIONAL AFFAIRS), it said that a temporary tax cut of 3 or 4 percentage points in individual tax rates might be necessary to combat the recession if it does not end by spring, plumped for more federal spending but came...
...Samuelson describes himself as a member of the "neoclassical synthesis" school of economics-an amalgam of Keynesian insights and classical theories. He does not believe that the best government is the least government, but neither does he think that direct wage and price controls or government ownership is desirable. Because businessmen sometimes take a narrow and personal view of government policy, based on their own interests, e.g., tariffs, Samuelson says that "our thinking is somewhat at cross-purposes with business philosophy...