Sunday Gazette-Mail from Charleston, West Virginia on May 26, 1974 · Page 91
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May 26, 1974

Sunday Gazette-Mail from Charleston, West Virginia · Page 91

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Charleston, West Virginia
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Sunday, May 26, 1974
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Page 91
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NIHUGH REPORT BECAUSE OF VOLUME OF MAIL HEOTVED. PARADE HEGBETS IT CANNOT ANSWER OUEMES ABOUT THIS COLUMN. EDITED by LLOYD SHEARER 1WMU MOUSE TUB IN MCWES 8VB J15JW." John Zen--·" neth Galbraith, 65, the world's tallest economist, 6 feet 8, was asked on a recent lecture tour what he would do If he'd "been appointed Secretary of the Treasury instead of William Simon. A maTi of acerbic wit who frequently wears "brass knuckles on his tongue, the lanky Harvard professor conceded that- America's number-one problem is Inflation "and Infla- ton was a problem we controlled very well in this country from 1942 to 1946, and we can easily control it again." "The trouble with economists," Galbraith, a veteran Democrat, pointed out, "is that they're like generals. They are always fighting the last war. To them unemployment is the great enemy. They don't seem to realiz'e that inflation is far more serious than unemployment. Ho Administration can survive on a 10.8 percent inflation rate, and that's what we've been having in this country. "Just imagine that you've decided to put your savings in the safe deposit box and leave them there. Under the present inflationary spiral, your savings, after less than 10 years, would be worth little in purchasing power. "If I were appointed Secretary of the Treasury, I would keep the prime interest rate (the rate at which banks are willing to loan money to their most favored and reliable customers) at 10X percent, to discourage expansion. "I would increase taxes on those with incomes of $15,000 or more. I'd place a surtax on all such incomes, and I believe that would control 40 percent of all excessive spending. "I am opposed to the reduction of taxes on the lower income brackets right now, but I would ease those taxes just as soon as inflation subsided. "I would certainly use wage and price controls on the most highly orga- - nized sector of the economy, the nation's 1000 corporations and the unions they're involved with, "I would also ask"the Congress for a large sum of money to permit the cities to become the employers of last resort for those who became unemployed, and I would lean towards a system of Income maintenance, probably through the negative income tax. "President Nixon, in my opinion, Is more In trouble for failed economics than failed burglars. Two of his top economics advisers, George -Shultz and Herbert Stein, used Phase 2 of wage and price controls" to get Hixon through the election of '72, but then they abandoned the controls because they were working. Stein and Shultz are to economics as Friar Tuck was to wickedness. They see and recognize It but can't do anything about It. Arthur Burns [head of the Federal Reserve}, on the other hand, Is a pragmatist, and hopefully he will do what has to be done. Stein and Shultz have two of the finest 18th-century minds when it comes to economics. And I hope that William Simon doesn't follow in their steps, I hope he practices eclectic economics." For those who haven't been taught at Harvard by Professor Galbraith, eclectic economics is the practice of taking what is considered best from different systems of economics and using those ingredients to solve the . problems at hand. "I am not in favor," Galbraith declares, "of using 18th-century minds to solve 20th-century problems." Lena Home and Hugh Downs are ,, putting together a TV talk, show aimed at black women. It's a syndicated program and will be sponsored by Johnson Products. Downs and his partner, Bill Barnett, came up with the idea, took it to Lena, who okayed it. Before -Lena taped the first show last month, the Bozell and Jacobs advertising agency had sold the program to 28 different stations. Called "Lena's Grapevine," it runs for. one hour a week, consists of talk and entertainment. - In his first trial run before the electorate as a potential candidate for President of-the United States, Secretary of State Henry Kissinger came in fifth The poll, conducted in San Diego county from April 5 to 8 by Gayle Essary and Associates, shows Sen. Ted Kennedy leading with 23.6 percent of the vote. Next in order are: · Gov. George Wallace with 13.95 percent. · Bonald Reagan with 13.62. ·.Vice President Gerald Ford with 8.14. · Kissinger with 6.48. · Senators lluskie and McGovern with 6.31 each. · Nelson Rockefeller with 4.82. · John Connally with 1.99 percent. Some 15 percent of the 602 respondents in the San Diego poll, conducted on a door-to-door, face-to- face basis, offered no opinion or answer to the following question: "Here is a list of men/who are currently being considered for President in 1976. If the election were today, whom would you choose?" "Kissinger was included in the list," says Essary, "as a viable speculative candidate because a constitutional amendment'has been suggested in Congress which would permit his candidacy. He is currently barred from the Presidency .by the Constitution because he is not a natural-born citizen."

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