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Economic Predicting Is Tricky and Inflation Debate
Washington reports discuss the difficulty of forecasting the economy under Nixon. The article tracks predictions by President Nixon, George Shultz, and Herbert Stein from 1971 to 1973, noting shifts in inflation and unemployment hopes amid wage-price controls and policy changes. It highlights optimistic inflation goals, price rises, freezes, and the evolving unemployment rate.
MENTIONED IN THIS ARTICLE
Washington
Nixon
Treasury
George P. Shultz
Herbert Stein
Council of Economic Advisors
Congress
Stein
Shultz
Joint Economic Committee
Grocery Manufacturers’ Association
Office of Management and Budget
House Ways and Means