What name goes in the blank?
“Businessmen, labor leaders and Congressmen have been telling the President that it is not enough merely to stand pat; he must “do something.” Do what? The answer is: almost anything–anything that will demonstrate that he is taking bolder action to bolster the economy. The fight over economic policy is reaching a showdown, and the opposing sides are led by two men who are longtime friends, allies and ______ loyalists.”
How about Nixon.
This is from an illuminating issue of Time magazine, written the week before Nixon closed the gold window. The 10-page spread discusses the fight between George Shultz, Arthur Burns, union leaders and other members of the political class regarding price controls and wage-boards in tackling inflation.
Guess what option was not tried?
Of additional interest, it was also under the Nixon-Burns regime that “core” inflation was instituted. Writing for Harper’s, Kevin Phillips discussed this pure political ploy last year.