WE have to assume you've got some sort of crystal ball," Democratic Senator William Proxmire of Wisconsin complained last week to George Shultz, director of the Office of Management and Budget. Proxmire could not understand how the Administration justified its projections of a huge rise in the U.S. economy this year. Replied Shultz: "We have a different way" of forecasting. Said Proxmire: "You haven't told us what it is."
If Proxmire had looked to the far end of the witness table at the Joint Economic Committee hearing, he would have seen a squat, tousle-haired economist who is partly responsible for reinforcing the...
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