Business: 1065 and All That

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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!