1
I
Economic Boss
Sees Inflation
Years'
Ahead
Statesman, Salem, Ore, Fri., Nov. 30, '56 (Sec. III)-37
OPEN THIS FRIDAY ONLY ALL DAY FROM 9:30 A M. TO 9 P.M.
-i -
By 8TKRL1NG T. GREEN
WASHINGTON. Nov. 24 -The
government'! new economic pol
icy boss tef Inflation both as an
immediate hazard and as- the
country s No. 1 economic problem
fur some years ahead.
Dr. Raymond J. Saulnicr, chos
en by President Eisenhower to be
chairman of the President's three
man Council of Economic Advis
ers, sharea Eisenhower's view
that price advances "must be
iiopped.". ...
Inflation can be licked, Saulnicr
laid In an interview today, but
not by government alone. Indus
try and labor must help sit on the
lid, he said, if the country is to
resist the high pressures gener
ated by almost-full employment
irtdnpar-capacity- production.
Must 'Resist Inflation
The government has a heavy
responsibility, he said, to use its
resource! . not only to counteract
recession but" to "resist inflation
ary development!.".-
On Dec. 3, Saulnier-r-it'i pro
nounced Sohn-yay atepi into the
council chairmanship vacated by
the resignation ot Or. Arthur F,
Burns, the scholarly Democrat-for-Eisenhower
who rescued the
council from near-oblivion in 1953
and restored M to hijh prestige ,
Saulniw, at 48. is fairly young'
for the job. Vet in the behind- j
scenes area where economic poUJ
icy is lonnca ne has become
known for strong convictions- and
effective advocacy of them: v"
Wrote RegalaUoa X , ' '
He is open minded ' toward
standby -consumer credit controls,
which are bugbear to some high
officials.- During the, Korean War
he helped write the' Federal Re
serve Board"! "Regulation " X".
which curbed mortgage credit;
he also helped administer the
board's "Ucjuk ' W" and its
control!".- ever ' rc,tt ; time Bay
ments. Right now he U understood to
be concerned with the need for
easier mortgage credit, to coun
teract the slump in home build
ing. He 'also is known to favor
some form of tax relief for small
businesses,'
But Saulnier .avoids public pro
nouncement! - on specific issues.
He hold thai the council should
"express' Its views very' firmly
within the adm'nistcation", end let
others wage rlhe . public debate
for their adoption. : '
Likes EcMomie Climate
In general he makes it clear.'
Saulnier has found the Washing
ton economic climate to his liking
during four years of assoiatlon
with the council. He began in 1953
as a consultant and in April 1955,
was appointed a member. !
"I ant a Republican in poli
tics." be said. "I believe in the
modern Republicanism.
"I also believe in the modern'
economic program we've been j
shaping ' here to - the - past" four
years. We have done everything
we could ' to promote economic
growth within the framework of
the competitive economic system.'
Heavy Responsibility'
"We take the view that the fed
eral government has a heavy re
sponsibility to moderate economic
fluctuations. '
"The government stands ready
to use its resources not only to
counteract -a contraction of the j
economy but to resist inflationary :
developments." -.
Saulnier Is tall and spare with
direct blue eyes under reddish
eyebrows. A table near his desk is
piled with sections of the proposed
draft of the President'! annual ec
onomic message. '
That book-length document, em-L
bodying the administration'! pro
posals for economic legislation,
must be delivered to the new Con
gress by Jan. 20. Saulnier is tak
ing over the council chairmanship
right in the middle ot Its prepa
ration. New England Flavor
But the government's top econ
omist givei an Impression of easy
relaxation. His speech is deliber
ate and retains a New England
flavor he was born In Hamil
ton, Mas!., took hii bachelor'! de
gree at Middlebury College in Ver
mont; hii master'! at Tufts, at
Medford, Mass.; and his doctor's
at Columbia University.
Like Burns, he was a professor
of economics at Columbia before
Eisenhower who was Colum
bia's president before his election
appointed him to the council.
Because Saulnier has been iden
tified with credit controls, and
because Eisenhower has repeat
edly voiced his concern over in
flationsome expect that the eco
nomic message will contain a rec
ommendation for a standby con
sumer credit control law. The
President last January asked
Congress to "study" the question.
Saulnier admits he has his per
sonal view! but insists he has an
open mind on the subject. The
council wont make up its mind,
he says, . until the federal re
serve has completed a current
study on the subject and until the
council'! newest member, Dr.
Paul W. McCr&cken, has, been
consulted. ' ' " "
McCracken, professor of eco
nomic! at the University of Mich
igan, was appointed by Eisenhow
er on Nov. 13.
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