Word: saulniers
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Dates: during 1950-1959
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...James Mitchell favors a settlement on almost any terms, played a behind-scenes role in California Steelmaker Edgar Kaiser's defection from steel's solid front to make a separate settlement (TIME, Nov. 9). Opposed to Mitchell are White House economic counselors led by Presidential Adviser Raymond Saulnier, who insist that the U.S. public has a stake in seeing to it that the settlement terms are non-inflationary.*Largely because of this split, the Administration has failed to explain clearly enough what the strike is about...
With U.S. consumer debt at a new high, a top Government economist last week issued a stern call for credit caution. Raymond J. Saulnier, chairman of the President's economic advisory council, told the nation's bankers not to go "overboard" in increasing consumer installment buying. Said Saulnier at the American Bankers Association's annual convention in Miami: "I hope we do not get involved this year or next in a great splurge of consumer expenditure propelled by credit expansion...
...said Saulnier, a too rapid expansion of credit caused overbuying of autos and other consumer durables, helped bring on the recession of 1957. If consumer installment purchasing increases too rapidly now and after the steel strike, Saulnier fears U.S. consumers will overreach themselves, bring on a decline...
Blaming Wages. From Raymond Saulnier, chairman of the President's Council of Economic Advisers, came the sharpest opposition to the bill-he called it "untimely and unnecessary"-as well as backing for Blough's view. In the strongest terms yet used by an Administration economist, Saulnier laid the blame for inflation not on corporations but on "increases in money wages that outstrip improvements in productivity. I believe we have tended of late to depart from the historical relation between wage increases and productivity improvements. And if these cost increases cannot be passed on to the consumer in higher...
Young's testimony was doubly significant because it came just after disclosure of a statement by the Administration's chief economist, Raymond J. Saulnier, that price increases not only aggravated the recession but contributed greatly to causing it: "These price increases were a major factor in limiting demand." Saulnier singled out for attack the rises in "heavy industries and those producing automobiles and other consumer durables." What worried Washington now was that industrial prices have started to inch up sooner than usual for a recession-recovery period. Though the consumer price index has remained fairly stable since...