Word: saulniers
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Among economists and businessmen alike, today's foremost worry is how to keep wage escalation from becoming inflationary as the economy regains its momentum. "The major question is not whether we avoid a downturn, but what kind of advance we are likely to have," says Raymond Saulnier, who was chairman of President Eisenhower's Council of Economic Advisers and is now a Columbia University economics professor. Because the upturn will begin with low (currently 3.6%) unemployment, "it is virtually bound to be inflationary," insists Arthur Burns, another Eisenhower CEA chairman, now chairman of the National Bureau of Economic...
...prevent just this, a tax hike was urged privately but none too effectively by Gardner Ackley, chairman of the President's Council of Economic Advisers, and publicly by such former CEA chairmen as Walter Heller, Arthur Burns and Raymond Saulnier, as well as the Federal Reserve's Chairman William McChesney Martin. Johnson rejected the advice. Administration insiders say that the President took soundings on Capitol Hill and decided that he could not persuade Congress to pass a tax increase in an election year. House Ways and Means Chairman Wilbur Mills and Senate Finance Chairman Russell Long opposed...
...worked for Lyndon Johnson as well as John Kennedy and now teaches economics at the University of Minnesota, said that recent price increases and inventory buying have become so "disquieting" that the Government should start figuring out right now just which taxes to raise if pressures increase. Raymond J. Saulnier, who served under Dwight Eisenhower, said that the time had come to "cool off the economy a bit"; he called for a cut in Government spending, followed, if necessary, by a tax increase. Arthur Burns, who also served Ike, proposed much the same remedies as Saulnier. Even Leon Keyserling, Harry...
...everyone accepts Keynes as gospel. Treasury Secretary Henry Fowler refuses to be classified as Keynesian; he does not believe that debt necessarily leads to development, or that surplus necessarily leads to deflation. Economist Raymond Saulnier of Barnard contends that the economy has been expanding not because of Keynesian policies but largely because U.S. business has increased productivity faster than U.S. labor has pushed up wage costs-with the result that prices have held relatively stable. But even economic conservatives have lately accepted the idea of using deficits to stimulate the economy in slack years. Sighs Virginia Senator Harry Byrd: "Franklin...
...University of California at San Diego pointed out that eleven of 15 so-called "leading indicators" are on the rise. Said Budget Director Kermit Gordon: "The present healthy expansion will keep going through a fifth consecutive year." About the only word of caution came from Raymond J. Saulnier, who had been President Eisenhower's chief economist; pointing to a rapidly lengthening work week and "incipient inflation," he said that the economy shows signs of "overheating," and he warned, "Don't push your luck too far." To which Gardner Ackley, President Johnson's chief economist, replied: "We have...