Word: hellers
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...Department's report last week that housing starts jumped 14% from November to December, to an annual rate of 1,746,000. But almost all of those starts had been firmly planned for months before the Federal Reserve Board increased the price of money. In 1966, predicts Walter Heller, former chairman of the President's Council of Economic Advisers, the increase in interest rates will cut housing back to a point even below last year's disappointing 1,500,000 starts. Federal Reserve Board Governor Sherman Maisel, who strongly opposed the rate boost, figures that the board...
...Formula. In 1961 President Kennedy, fretting about the possibility of inflation in a rapidly expanding U.S. economy, ordered his Council of Economic Advisers, then chaired by Walter Heller, to come up with some sort of anti-inflationary formula. They tied wage and price increases to productivity. Recalls a member of Kennedy's council: "One of our main purposes was to show how both wages and prices are related to productivity so that the force of public opinion could be brought to bear when either a company or a union disregarded the relationship." The formula was based on the idea...
J.M.K. & L.B.J. Still, Keynesianism made its biggest breakthrough under John Kennedy, who, as Arthur Schlesinger reports in A Thousand Days, "was unquestionably the first Keynesian President." Kennedy's economists, led by Chief Economic Adviser Walter Heller, presided over the birth of the New Economics as a practical policy and set out to add a new dimension to Keynesianism. They began fo use Keynes's theories as a basis not only for correcting the 1960 recession, which prematurely arrived only two years after the 1957-58 recession, but also to spur an expanding economy to still faster growth. Kennedy was intrigued...
...giving businessmen a 7% tax kickback on their purchases of new equipment and by liberalizing depreciation allowances. Kennedy also campaigned for an overall reduction in the oppressive income-tax rates in order to increase further both investment and personal consumption. That idea, he remarked, was "straight Keynes and Heller...
...inflationary pressure. If spending bulges much higher, the economists can fight inflation by brandishing the other sides of their Keynesian swords. Though Keynes spoke more about stimulus than restraint, he also stressed that his ideas could be turned around to bring an overworked economy back into balance. Says Walter Heller: "It should be made entirely clear that Keynes is a two-way street. In many ways we're entering a more fascinating era than the one I faced. Essentially the job is to maintain stability without resorting to obnoxious controls as we did in World War II and Korea...