August 26, 1974 Washington, D.C
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Consequences of Government Deficits and Debt
Consequences of Government Deficits and Debt∗ Glenn Hubbard Columbia University and NBER Over many years, Ben Friedman’s economic research and writings in political economy frame economic analysis of— and moral consideration of—large government budget deficits and the need for fiscal consolidation in the United States. In his book The Moral Consequences of Economic Growth, Friedman emphasizes the salutary effects economic growth for openness and social cohesion. This essay emphasizes economic analysis of government budget deficits. The U.S. economy did not, in many respects, flounder after the budget deficits of the 1980s. Indeed, by the middle of the 1990s, the U.S. economy began a long-lasting expansion in productivity growth. While direct crowding out of private investment through higher real interest rates has, at least in the view of the empirical evidence reviewed in this essay, been modest, three concerns remain. The first is that cumulative increases in debt are now so large that even the small estimated effects identified here can lead to large increases in real interest rates. The second is that one atten- uation of effects of higher government debt levels on interest rates may trace to greater reliance on foreign saving, with an accompanying problem of imbalances. The third is that the present trajectory of government spending in the United States presents the very real possibility of higher tax burdens, reduc- ing capital formation, economic growth, and living standards. JEL Code: H6. ∗The author is Dean and Russell L. Carson Professor of Finance and Econom- ics, Columbia Business School; Professor of Economics, Columbia University; and Research Associate, National Bureau of Economic Research. -
The Butz Stops Here: Why the Food Movement Needs to Rethink Agricultural History
Journal of Food Law & Policy Volume 13 | Number 1 Article 7 2017 The utB z Stops Here: Why the Food Movement Needs to Rethink Agricultural History Nathan A. Rosenberg University of Arkansas, Fayetteville Bryce Wilson Stucki United States Census Bureau Follow this and additional works at: http://scholarworks.uark.edu/jflp Part of the Food and Drug Law Commons Recommended Citation Rosenberg, Nathan A. and Stucki, Bryce Wilson (2017) "The utzB Stops Here: Why the Food Movement Needs to Rethink Agricultural History," Journal of Food Law & Policy: Vol. 13 : No. 1 , Article 7. Available at: http://scholarworks.uark.edu/jflp/vol13/iss1/7 This Essay is brought to you for free and open access by ScholarWorks@UARK. It has been accepted for inclusion in Journal of Food Law & Policy by an authorized editor of ScholarWorks@UARK. For more information, please contact [email protected], [email protected]. ROSENBERG STUCKI FORMATTED (DO NOT DELETE) 6/20/2017 1:31 PM The Butz Stops Here: Why the Food Movement Needs to Rethink Agricultural History Nathan A. Rosenberg & Bryce Wilson Stucki** After Donald Trump’s surprise victory over Hillary Clinton, commentators and journalists turned their attention to rural America, where Trump won three times as many votes as his opponent, in order to understand what had just happened.1 They wrote about forgotten places: small towns populated by opioid addicts,2 dying Rust Belt cities with abandoned factories at their centers,3 and mountain hamlets populated by xenophobes and racists.4 These writers described a conservatism so total and inexplicable it seemed part of the landscape. -
Report to the President on the Activities of the Council of Economic Advisers During 2009
APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2009 letter of transmittal Council of Economic Advisers Washington, D.C., December 31, 2009 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2009 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely, Christina D. Romer, Chair Austan Goolsbee, Member Cecilia Elena Rouse, Member 307 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W. Heller Chairman January 29, 1961 November 15, 1964 James Tobin Member January 29, 1961 July 31, 1962 Kermit Gordon Member January 29, 1961 December 27, 1962 Gardner Ackley Member August 3, 1962 Chairman November 16, 1964 February 15, 1968 John P. -
2017 Economic Report of the President
APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2016 letter of transmittal Council of Economic Advisers Washington, D.C., December 15, 2016 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2016 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely yours, Jason Furman, Chairman Sandra E. Black, Member Jay C. Shambaugh, Member Activities of the Council of Economic Advisers During 2016 | 547 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W. -
Report to the President on the Activities of the Council of Economic Advisers During 2011
APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2011 letter of transmittal Council of Economic Advisers Washington, D.C., December 31, 2011 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2011 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely, Alan B. Krueger, Chairman Katharine G. Abraham, Member Carl Shapiro, Member Activities of the Council of Economic Advisers During 2011 | 295 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W. -
Finding Aid to the Earl L. Butz Papers
FINDING AID TO THE EARL L. BUTZ PAPERS Purdue University Libraries Virginia Kelly Karnes Archives and Special Collections Research Center 504 West State Street West Lafayette, Indiana 47907-2058 (765) 494-2839 http://www.lib.purdue.edu/spcol © 2016 Purdue University Libraries. All rights reserved. Revised by: Trevor Burrows, Amanda Burdick, Evalyn Stow, and Adriana Harmeyer Processed by: Archives Staff, June 25, 2007 Descriptive Summary Creator Information Butz, Earl L. (1909-2008) Title Earl L. Butz papers Collection Identifier MSF 64 Date Span 1945-2004 Abstract Documents, photographs, letters, scrapbooks, correspondence, biographical material, speeches, artifacts, and subject files documenting Earl L. Butz’s time at Purdue and his career as U.S. Secretary of Agriculture from 1971-1976. Extent 29.06 cf Finding Aid Author Archives Staff Languages English Repository Virginia Kelly Karnes Archives and Special Collections Research Center, Purdue University Libraries Administrative Information Location Information: ASC Access Restrictions: The majority of this collection is open for research. Boxes marked “Closed Files” have restricted access. Acquisition The bulk of the collection was donated by Earl L. Butz Information: on June 1, 1978; additional donation from Earl Butz on July 30, 1987. Some artifacts donated by Martha Graham in January 2007. Custodial History: Accession Number: 19780601 Preferred Citation: MSF 64, Earl L. Butz papers, Purdue University Archives and Special Collections, Purdue University Libraries 1/24/2020 2 Copyright Notice: Copyright Purdue University Related Materials Marshall A. Martin agricultural oral history interviews, Information: 1993 Purdue Office of Publications Oral History Program collection, 1969-1989 Purdue Archives & Special Collections Oral History Program Collection, 2006-Present 1/24/2020 3 Subjects and Genres Persons Butz, Earl L. -
Machinc the Basic Concepts. Second Edition
DOCUMENT RESUME ED 2IL-719D SO 015 821 Saunders, Phillip; And Others TITLE :aster Curriculum guide in Economics. A Frames orl: -Eor Machinc the Basic Concepts. Second Edition. INSTITUTION Joint Council on Economic Education, New York, N.Y. REPORT NO S2EE-Checklist-335 PUB DATE Sf.1- NOTE 82;2.; Replaces ED 148 648. AVAILABLE FROMJoint Council on Economic Education,2 Park Lve., New York, NY 10016 ($5.00). PUB TYPE Guides Classroom Use Guides (For Teachers) EDRS PRICE MF01 Plus Postage. PC Not Available from EDRS DESCRIPTORS Citizenship Education; Concept Formation; *Concept Teaching; *Curriculum Development; *Decision Making Skills; Economic Change; Economic Climate; Economic Development; Economic Factors; *Economics Education; Educational Objectives; Elementary Secondary Education; Fundamental Concepts; Models; Problem Solving ABSTRACT Intended for curriculum developers, this revised Framework presents a set of basic concepts for teaching K-12 economics. The revision reflects the change and development which the field of economics has undergone and includes improvements suggested by users of the first edi'Lion. The purpose of teaching economics is to impart a general understanding of now our economy works and to improve economic decision making by students through the use of an orderly, reasoned approach. Chapters I,II, and III provide a brief introduction to the publication, discuss the elements of economic understanding, and list and describe some basic economic concepts. Chapter TV discusses the broad social goals that seem most important in the United States todE7, the problem of trade-offs among goals, and the role of self-i7-?.rest and personal values. Chapter V .1ustrates the use of decision-making model with two economic izsues involving public policy. -
This PDF Is a Selection from an Out-Of-Print Volume from the National Bureau of Economic Research
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The State of Monetary Economics Volume Author/Editor: Universities-National Bureau Commitee for Economic Research Volume Publisher: NBER Volume ISBN: 0-87014-307-7 Volume URL: http://www.nber.org/books/univ65-1 Publication Date: 1965 Chapter Title: Front matter to "The State of Monetary Economics" Chapter Author: Universities-National Bureau Commitee for Economic Research Chapter URL: http://www.nber.org/chapters/c5176 Chapter pages in book: (p. -5 - 0) THE STATE OF MONETARY ECONOMICS A Conference of the Universities —NationalBureau Committee for Economic Research NATIONAL BUREAU OF ECONOMIC RESEARCH NEW YORK DISTRIBUTED BY COLUMBIA UNIVERSITY, PRESS NEW YORK AND LONDON ACKNOWLEDGMENTS Arrangements for the Conference on Monetary Economics were made by a committee con- sisting of James Duesenberry, Milton Friedman, Franco Modigliani, Edward Shaw, James Tobin, and G. L. Bach (chairman). Robert P. Shay of the National Bureau of Economic Research de- serves special thanks for his assistance in arranging the Conference and his help with the publica- tion of this volume. This is the sixteenth report in the National Bureau's Special Conference series growing out of the work of the Universities-National Bureau Committee for Economic Research. Margaret T. Edgar edited the papers and H. Irving Forman drew the charts. UNIVERSITIES—NATIONAL BUREAU COMMITTEE FOR EcoNoMIc RESEARCH This Committee is a cooperative venture of universities and the National Bureau.Its guiding objective is the encouragement of economic research on problems susceptible of ob-. jective treatment and of sufficiently broad scope to merit attention by institutions serving at scientific and public interest. -
February 1-15, 1974
RICHARD NIXON PRESIDENTIAL LIBRARY DOCUMENT WITHDRAWAL RECORD DOCUMENT DOCUMENT SUBJECT/TITLE OR CORRESPONDENTS DATE RESTRICTION NUMBER TYPE 1 Manifest The Spirit of ’76 – Appendix “B” 2/13/1974 A 2 Manifest Helicopter Passenger Manifest – 2/12/1974 A Appendix “A” COLLECTION TITLE BOX NUMBER WHCF: SMOF: Office of Presidential Papers and Archives RC-14 FOLDER TITLE President Richard Nixon’s Daily Diary February 1, 1974 – February 15, 1974 PRMPA RESTRICTION CODES: A. Release would violate a Federal statute or Agency Policy. E. Release would disclose trade secrets or confidential commercial or B. National security classified information. financial information. C. Pending or approved claim that release would violate an individual’s F. Release would disclose investigatory information compiled for law rights. enforcement purposes. D. Release would constitute a clearly unwarranted invasion of privacy G. Withdrawn and return private and personal material. or a libel of a living person. H. Withdrawn and returned non-historical material. DEED OF GIFT RESTRICTION CODES: D-DOG Personal privacy under deed of gift -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- NATIONAL ARCHIVES AND RECORDS ADMINISTRATION *U.S. GPO; 1989-235-084/00024 NA 14021 (4-85) THE WHITE HOUSE ,..RESIDENT RICHARD NIXON'S DAILY DIARY (Sa Trawl Iewrd fOf Traycl Activity) HAC! DAl BEGAN DATI (Mo., Day, Yr.) FEBRUARY 1, 1974 THE WHITE HOUSE TIKI DAY WASHINGTON, D.C. 8:13 a.m. FRIDAY PHONE T1M11 p..Placed l-l.eaived ACTIVlTY Oat 10 LD 8:13 The President went to the Oval Office. 8 :41 The President went to the Cabinet Room. 8:41 10:15 The President met to discuss the 1975 Federal budget with Republican Congressional leaders. -
March 1-31, 1972
,.. -'--- -------=-=-.....-.---=--=:-~-::-:-:-=---::":":::-=-:~-::-::-:-:-:~"';:-:I:-=::------------., >':~Z WHITE :iOiJSE PRESIDENT RICHARD NIXON'S DAILY u ARY P (S<c Travel Record for Travel AClivity) ," ._'..,'._-- ------------....;...--------------:-:~-:--::----:-:~----I , :" ,'cr.'),'.• :'EGAN DATE (Mo., Day, Yr.) MARCH 1, 1972 THE WHITE HOUSE TIMB DAY WASHINGTON, D. C. 8:00 a.m. WEDNESDAY PHONE TIME P=Placcd R=Rcccivcd ACTlVllY 10 Out Lo LD 8:00 The President had breakfast. 8:12 The President went to the Oval Office. 8:32 8:33 The President met with his Deputy Assistant, Alexander P. Butterfield. 8:40 8:43 The President met with Mr. Butterfield. 8:50 9:08 P The President talked with his Special Counsel, Charles W. Colson. 9:10 The President went to the Barber Shop. 9:23 The President returned to the Oval Office. The President met with: 9:23 9:50 John B. Connally, Secretary of the Treasury 9:24 9:25 Henry A. Kissinger, Assistant 9:25 9:30 Mr. Butterfield 9:49 10:00 Mr. Butterfield 9:57 11:19 H. R. Haldeman, Assistant 10:00 10:12 Ronald L. Ziegler, Press Secretary 11:14 11 :17 Mr. Butterfield 11:19 P The President telephoned the First Lady. The call was not completed. 11 :20 11:25 The President met with Mr. Butterfield. 11:22 P The President telephoned Staff Assistant Ronald H. Walker. The call was not completed. The President met with: 11:26 12:08 George P. Shultz, Director of the OMB 12:05 12:17 Mr. Kissinger 12:09 12:10 Mr. Butterfield 12:10 12:12 Mr. Haldeman 11:27 11:29 P The President talked with the First Lady. -
The Department of Agriculture: a Historical Note
The Department of Agriculture: A Historical Note The U.S. Department of Agriculture was established on May 15, 1862, by a law signed by President Abraham Lincoln. The new Department was "to acquire and to diffuse among the people of the United States useful information on subjects connected with agriculture in the most general and comprehensive sense of the word." In carrying out his duties, the Commissioner was authorized to conduct experiments, collect statistics, and to collect, test, and distribute new seeds and plants. This law, very broad in scope, has remained the basic authority for the Department to the present time. Proposals for an agricultural branch of the national government had been made as early as 1776. George Washington recommended the establishment of such an agency in 1796. The Secretary of the Treasury gave the idea support in 1819 by asking consuls and naval officers abroad to send home seeds and improved breeds of domestic animals. In 1836, Henry L. Ellsworth, Commissioner of Patents, on his own initiative undertook to distribute seeds obtained from abroad to enterprising farmers. Three years later Congress appropriated $1,000 of Patent Office fees for collecting agricultural statistics, conducting agricultural investigations, and distributing seeds. By 1854, the Agricultural Division of the Patent Office employed a chemist, a botanist, and an entomologist, and was conducting experiments, During this period many farm editors, agricultural leaders, and officers of the numerous county and state agricultural societies continued to urge that agriculture be represented by a separate agency. The United States Agricultural Society assumed leadership of the movement, and its efforts, combined with the pledges of thé Republican Party in 1860 for agrarian reforms that would encourage family farms, led to the establishment of the Department. -
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t:.IL 1 avenue das Arts 23* J;,C. f· -l 1040 Brussels • usa documents Tel. 13 44 so PUBLIC AFFAIRS OFFICE UNITED STATES MISSION TO THE EUROPEAN COMMUNITIES December 8, 1971 HERBERT STEIN, NEW PRESIDENTIAL ECONOMICS ADVISER Washington, D.C. -- Herbert Stein, who has often been called the architect of the Nixon Administration's "phase two" operation to regain U.S. economic stability, will become chairman of the President's Council of Economic Advisers January 1, 1972. The 55-year-old economist, who has served as a member of the Council since 1969, will succeed Paul W, McCracken, who will return to a professorship at the University of Michigan early next year. Dr. McCracken's resignation had been expected since September but the effective date was postponed to enable him to work on the new economic stabilization policy announced by President Nixon on August 15. Mr. Stein was among the top officials who met at the Camp David Retreat in Maryland in mid-August to draw up the final pro visions of the new economic program. Although long opposed to economic controls such as the 90-day wage-price freeze he said he recognized the need for them at that particular time. He noted that "the events of 1971 are a stern warning to those of us who do not want a controlled system, even though we recognize the necessity for controls in the conditions of 1970 ... it is necessary to try to avoid the conditions which led to controls in 1971." To do this, Mr. Stein said, "we must learn how to manage our fiscal and monetary affairs more responsibly, to avoid a repetition of the 1965-68 inflation.