Connally's New Toughness
Despite withering fire from critics outside the Administration, Treasury Secretary George Shultz, President Nixon's economic coordinator, has remained imperturbably committed to the flaccid wage-price controls of Phase III, which he largely formulated. Lately, though, Shultz and his chief supporter, Herbert Stein, chairman of the Council of Economic Advisers, have been under increasing pressure from within the Administration itself to take a more vigorousĀand visibleĀstand against soaring prices. Leading the push is former Treasury Secretary John Connally, now a White House consultant. His position has the strong backing of Federal Reserve Chairman Arthur Burns, who has been pressing...
