Word: hellers
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...first week in office, the President of the U.S. showed that the economy and its welfare are very much on his mind. Barely 30 hours after he was sworn in, Lyndon Johnson began meeting with his economic advisers, and three times during the week he conferred with Walter Heller, chairman of the Council of Economic Advisers. His speech before Congress bore down heavily on the economic policies endorsed by John Kennedy-the tax cut, the stability of the dollar, the expansion of foreign trade. To Christian Herter, the chief U.S. trade negotiator, he restated his "strong support" for broad tariff...
...word was continuity. In talks with Heller, Treasury Secretary Douglas Dillon and Budget Director Kermit Gordon, the new President surveyed the economy and made some early economic decisions and readings. Among them: 1) Johnson will hold to John Kennedy's commitment to limit the increase in next year's federal spending to $3 billion or less; 2) in view of his promise of spending restraint, he will give congressional leaders an earlier-than-normal look at next year's budget-perhaps just before Christmas-to show them that he really means it; and 3) the Administration expects...
Into a Tight Corner. Last week in Manhattan, A.F.L.-C.I.O. President George Meany called advancing automation "a curse" and repeated his call for a 35-hour week-both positions that the Administration's economists have rejected. Fortnight ago Walter Reuther told a meeting of union chiefs that Walter Heller, the President's chief economic adviser, had "understated" the unemployment problem. Criticism of specific Administration economic proposals has also been coming with more regularity from such academic economists as Yale's William Fellner, Vanderbilt's Rendigs Fels and Michigan State University's Charles Killingsworth, who recently...
...perhaps the unkindest cut of all, Kennedy men have been coming in for intensified attacks in Congress from such liberal Senators as Paul Douglas, Albert Gore and Abraham Ribicoff. The outcry was evident last week in the Senate Finance Committee, where Democratic liberals roundly chewed out Heller when he testified on the tax bill. Gore sarcastically criticized Heller's economics, and Ribicoff snapped: "I think the Administration is painting itself into a pretty tight corner. You are going to have to spend more." Heller got such a rough going-over from the liberals that conservative Harry Byrd hardly...
...huge truck-holes in the tax system." Many liberals insist that the tax cut alone will not give the economy the extra boost it needs to cut unemployment sufficiently. They contend that labor productivity has been growing so fast that the nation's productive capacity is greater than Heller's Council of Economic Advisers calculated when it settled on an $11 billion tax cut-and that such a cut will create less employment than expected. With their usual eagerness for public works, they believe that greater Government spending must accompany a tax cut, criticize Kennedy's promise...