Word: saulniers
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...about the possibility of more inflation. The budget deficit for fiscal 1970, and probably fiscal 1971, will be bigger than the President predicted. Reasons: a shortfall in Government revenues because of the decline in business profits, and the tendency of Congress to legislate more spending than Nixon wants. Raymond Saulnier, former head of the Council of Economic Advisers, fears that an "explosion" of labor costs will set off another round of inflation. First-year pay and benefit gains in major union contracts signed during this year's opening six months averaged a staggering...
...that reaches his desk? His record in fighting for free trade is not impressive. On the other hand, he must realize that a great leap backward to the protectionism of the early 1930s would be disastrous. Two former chairmen of the Council of Economic Advisers, Walter Heller and Raymond Saulnier, last week warned that such regression would be highly inflationary. Competition from inexpensive imports is one of the few forces that have moderated U.S. prices...
This gigantic expansion has had significant and not always salutary economic effects. Economist Raymond J. Saulnier believes that it was a major reason why the Federal Reserve's tight-money policy took so long to slow the pace of business. Commercial paper enabled many companies to escape the effects of the squeeze on bank credit, and the phenomenon went largely unremarked by economists because commercial paper is not counted as part of the nation's money supply...
...economists have vacation homes next to each other. Not surprisingly, Friedman hailed Burns' appointment as "splendid." Friedman admits, however, that "Arthur takes a long time to make decisions, and once he has made them, it is very difficult to get him to change his mind." Economist Raymond J. Saulnier adds that Burns "is ponderous and a little pontifical." Because of these qualities, some other economists predict that there will be more than a few resignations from the Federal Reserve staff after Burns takes over...
...time. His record in that respect is mixed. Intellectually, Burns recognizes the Government's obligation to maintain prosperity. As chairman of President Eisenhower's Council of Economic Advisers from 1953 to 1956, he agreed to increases in Government spending and in the credit supply that his successor, Saulnier, thought were too expansionist. In early 1960, he advised Nixon, then Vice President, that federal spending should be increased and credit eased to head off a recession that he correctly warned would hit its low point shortly before Election Day. Nixon could not persuade the Eisenhower Administration to adopt...