Word: governmental
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Dates: during 1960-1969
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Nixon's difficulties are complicated by the fact that the Republican Administration and the Democratic-controlled Congress have hit an impasse on fiscal policy. The President has trimmed $7.5 billion from the federal budget that he inherited from Lyndon Johnson and ordered reductions in Government construction. Congress has consistently voted...
In dealing with the reality of inflation and the possibility of recession, Nixon so far has shown a deep reluctance to intervene in the private economy. He has rejected price guidelines, personal pressures on business and labor leaders, and outright controls. His policy coincides with Friedman's fundamental ideology?a...
The intricacies of monetary theory generally seem as mystifying as the Mock Turtle's description in Alice in Wonderland of "the different branches of arithmetic?Ambition, Distraction, Uglification and Derision." Money supply can be measured in four ways, but Friedman prefers to use the total of currency in circulation plus...
By Friedman's reckoning, history supports his argument. As he notes in his definitive work, A Monetary History of the United States 1867-1960, a decline in the nation's money supply has preceded every recession except one (1869-70) in the last hundred years. After World War I, for...
Friedman has a big recipe for economic reform, and he calls for an end to many politically sacred Government programs. A sampling of his ideas: FOOD STAMPS. "There is nothing you can do with stamps that you cannot do better by giving people money. The real drive behind food stamps...