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U.S Congress, House, Committer on
Appropriations. Subcommittee on Treasury,
Loreal Oppropriation-30

TREASURY, POST OFFICE, AND GENERAL
GOVERNMENT APPROPRIATIONS

FOR 1972

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE

COMMITTEE ON APPROPRIATIONS
HOUSE OF REPRESENTATIVES

NINETY-SECOND CONGRESS

FIRST SESSION

SUBCOMMITTEE ON THE TREASURY, POST OFFICE, AND GENERAL
GOVERNMENT APPROPRIATIONS

TOM STEED, Oklahoma, Chairman

OTTO E. PASSMAN, Louisiana
JOSEPH P. ADDABBO, New York
EDWARD R. ROYBAL, California
LOUIS STOKES, Ohio

HOWARD W. ROBISON, New York
JACK EDWARDS, Alabama
DONALD W. RIEGLE, JR., Michigan
JOHN T. MYERS, Indiana

AUBREY A. GUNNELS and THAYER A. WOOD, Staff Assistants

COMMITTEE ON APPROPRIATIONS

GEORGE H. MAHON, Texas, Chairman

TREASURY-POST OFFICE-GENERAL GOVERNMENT

APPROPRIATIONS, FISCAL YEAR 1972

WEDNESDAY, MAY 12, 1971.

COUNCIL OF ECONOMIC ADVISERS

WITNESSES

HERBERT STEIN, MEMBER

HENDRIK S. HOUTHAKKER, MEMBER

LEON GREENBERG, EXECUTIVE DIRECTOR, NATIONAL COMMISSION ON PRODUCTIVITY

SIDNEY L. JONES, SPECIAL ASSISTANT TO THE CHAIRMAN

Mr. STEED. The committee will be in order.

The committee is in session today to take up the budget request for the Council of Economic Advisers. We are pleased to have Mr. Herbert Stein, Mr. Hendrik S. Houthakker, Mr. Leon Greenberg, and Mr. Sidney L. Jones.

Mr. STEIN. Mr. Chairman and gentlemen, we regret that our Chairman, Paul McCracken, is unable to be here today because he is attending an important meeting of the Organization for Economic Cooperation and Development in Paris which had been scheduled. long ago and which could not be changed.

Dr. Houthakker and I are here to explain our request and answer your questions.

If you have questions you would like to direct specifically to Dr. McCracken, we would be glad to have him submit answers for the record.

In addition to Dr. Houthakker and myself, we have Mrs. Skidmore of our staff, who really understands this budget. We have Mr. Greenberg, Executive Director of the National Commission on Productivity, for which we are also asking funds.

We also have Mr. Jones and Mr. Ayres of the Council staff.

GENERAL STATEMENT

It is a pleasure to be here today to present the appropriation request of the Council of Economic Advisers for fiscal year 1972.

The Council respectfully requests an appropriation of $2,134,000. This revised request reflects an increase of $59,000 over the Council's initial request of $2,075,000 which was transmitted to the Congress in January 1971. This additional amount is necessary to cover increased pay costs as a result of Public Law 91-656.

(1)

P.