Business: A Starring Role for the CEA?

When the economy turned sour, Lyndon Johnson could blame the war in Viet Nam. Nixon and Ford could say it was the Arab oil embargo. Jimmy Carter will only be able to blame Charlie Schultze.

Like most Washington wisecracks, that new one contains an element of truth: in the early days of the Carter Administration, Charles L. Schultze, the newly appointed chairman of the Council of Economic Advisers, has indeed emerged as its most important economic policymaker. His clout was evident in the revised program to stimulate the economy that the Administration presented last week. As the changes were worked out, it...

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