Word: steins
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Dates: during 1970-1979
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...Herbert Stein, the outgoing chairman of the Council of Economic Advisers, later told the committee that the Administration does not believe that unemployment will exceed 6% during the last half of 1974, but he indicated that it could be higher than that in some months. On the other hand, Walter Heller, CEA chairman under President Kennedy, told the committee that if the Administration sticks to present policies, the jobless rate will probably hit 7% by next year. At week's end, the Labor Department announced that unemployment, after hovering at 5% to 5.2% for six months, had inched...
...obvious question emerged last week after President Nixon named him to succeed Herbert Stein in September as chairman of the Council of Economic Advisers: Why did Greenspan finally accept? Greenspan replies that the inflation-ridden economy is in much worse shape than it has been since the Administration began pressing him years ago, and the time has come to switch from critical spectator to committed participant. "What is at stake is so large," he says, "that if anyone has the possibility of making a contribution, he should. It's one of the rare instances when the issue of patriotism...
...management of the economy is fast running out. Last week, in a flurry of activity at San Clemente, the President sought to restore credibility to his programs. He held a well-publicized round of meetings with his top economic aides, Adviser Kenneth Rush, Budget Director Roy Ash and Herbert Stein, chairman of the Council of Economic Advisers -in what amounted to an economic summit meeting. This week the President was expected to make a major nationwide speech on the economy...
...Leaders. In addition, it seemed all but certain that the President would soon bring fresh leadership to the White House and name Alan Greenspan, a respected conservative economist and unofficial Nixon consultant, to succeed Stein as CEA chairman. The appointment will probably be announced soon. If, as expected, Greenspan is approved by the Senate Banking Committee, he will take up his new duties by September, when Stein returns to the faculty of the University of Virginia...
Under the Nixon Administration, especially during Stein's stewardship, the council has become little more than a political appendage. Stein's rosy interpretations of the most dismal economic news have become a Washington joke. Less humorous was Stein's decision to deliver blatantly political speeches during the 1972 presidential race. Stein's electioneering irritated influential congressional Democrats and made it difficult for the Administration to get a fair hearing for its policies...