Conduct of Monetary Policy: Hearings Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, February 2, 3, and 4, 1977

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98. lappuse - We used to think that you could just spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists...
64. lappuse - I tell you, in all candour, that that option no longer exists, and that insofar as it ever did exist, it only worked by injecting bigger doses of inflation into the economy followed by higher levels of unemployment as the next step. That is the history of the past 20 years" (speech to Labour Party Conference, 28 September 1976).
10. lappuse - It is important that those stronger countries, like the United States, Germany, and Japan, work together to expand as rapidly as is consistent with sustained growth and the control of inflation. By adopting this stimulus program, the United States will be asserting leadership and providing a better international economic climate. We will then ask the stronger countries abroad to follow suit. This program itself implicitly calls on them to undertake stimulus efforts of proportionately similar amounts...
98. lappuse - ... if the protection is not provided. HOOSIC RIVER PROJECT, VERMONT Now I wish to call attention to the fact that the Hoosic River goes through the southwesternmost corner of Vermont. And Vermont has an interest in the protection on that river. I have here a letter which I would like to put into the record. The CHAIRMAN. Without objection, it will be inserted. (The letter referred to is as follows :) POWNAL TANNING Co., North Pownal, Vl., February 13, 1949: The Honorable RALPH E.
118. lappuse - It should be abundantly clear by now that a healthy and prosperous economy can be achieved only by pursuing policies that are consistent with steady progress toward restoration of general price stability. That principle is continuing to guide Federal Reserve policy. Over the past year, growth rates of the major monetary aggregates have not been excessive, and our projected ranges for the future have been gradually...
100. lappuse - A monetary economy, we shall find, is essentially one in which changing views about the future are capable of influencing the quantity of employment and not merely its direction.
22. lappuse - Total 9.6 Fifty dollar payment to social security and railroad retirement beneficiaries 1.8 Total rebate program 11.4 Simplification and reform program: Replace the current law standard deduction with a flat deduction of $2,400 for single returns and $2,800 for joint...
22. lappuse - Total administration proposals 15.5 15.7 Office of the Secretary of the Treasury January 26, 1977 Office of Tax Analysis *Less than $50 million. Note: Details may not add to totals due to rounding.
86. lappuse - ... Reserve for the year ahead represent our present judgment as to the rate of monetary expansion that is consistent not only with continued economic expansion at a satisfactory pace but also with further gradual unwinding of inflationary tendencies. There are, however, profound uncertainties surrounding the relationships among the various monetary aggregates, and between rates of monetary expansion and the performance of the economy. House Concurrent Resolution 133 recognizes that the Federal Reserve...
81. lappuse - ... notice. The noteworthy feature of the recent pick-up in business activity is that it mainly resulted from the normal workings of self-corrective forces within the private economy. Last summer, many manufacturers curtailed production of items for which inventories were rising too rapidly. Retailers, in their turn, offered price concessions to consumers and increased their advertising in order to stimulate sales. Before long, consumers began to respond energetically. Retail sales regained strength...

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