Democratic Policy Council Release: Nixonomics
NOYIClE: PHOYOCOPllElO CJlfJilnl,(tllli. CODE). o ADVANCE FOR RELEASE: SUNDAY AMs 3 APRIL 23, 1972 DNC-72-34 o ~ [. 3 o IINIXONOMICS -- A RECORD OF ECONOMIC POLICY "< MISJUDGMENT AND MI SMANAGEMENT II , DEMOCRATIC,POLICY GROUP CHARGES ::1 2- . 0: 'niCD II'., "; ~lH' :',ll:.t ',;; . WASHINGTON, April 22 -- In a report to the 1972 Democratic ' () o .11'j' '\ .1., .' " ::1 ti.,j,~': }l"t\ait~'orm 'committee, the Economic Affairs Committee of the Democratic co I CD I I " L • '" CD '"0" ] ': I '. '~l Policy Council held the Nixon Administration's mismanaged economic ::1 0..' 9.. c n ~ policies responsible for lIaccelerated inflation, rising unemployment, '"(I) '"(I) o n the first recession in a decade, a staggering loss of production, the :::r o ::1 0.. first international trade deficit in many decades, and a forced reducti n U'l co.. (i)" in the international value of the dollar.1I '" () (I) ::1 Prepared under the chairmanship of Gardner Ackley, and ~ () vice chairmanship of Walter W. Heller, both former CEA chairmen, o the report is the fifth in a series of issue papers to be released co::1 by Democratic National Chairman Lawrence F. O'Brien, under a new CD '" convention procedure recommended by the O'Hara Commission. 0''" ::1 9.. » In reviewing the deterioration of the economy under n :::r Mr. Nixon, the report charges: liThe disastrous outcome of Nixonomics ~' stems directly from the notorious 'game plan'. It was anchored in the ~ C stubbornly held belief that the only effective way to curb inflation ::1 <" :.:'1 ~~, to tighten the screws on the economy until rising unemployment (I) "j'I:W:bll limit wage advances and dwindling markets will hold down prices.
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