1. Ec?: Ec7d968 pl

THE 1968 ECONOMIC REPORT
OF THE PRESIDENT

JOINT ECONOMIC COMMITTEE

(Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.)

SENATE

WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman

JOHN SPARKMAN, Alabama
J. W. FULBRIGHT, Arkansas
HERMAN E. TALMADGE, Georgia
STUART SYMINGTON, Missouri
ABRAHAM RIBICOFF, Connecticut
JACOB K. JAVITS, New York
JACK MILLER, Iowa
LEN B. JORDAN, Idaho
CHARLES H. PERCY, Illinois

HOUSE OF REPRESENTATIVES RICHARD BOLLING, Missouri

HALE BOGGS, Louisiana

HENRY S. REUSS, Wisconsin

MARTHA W. GRIFFITHS, Michigan

WILLIAM S. MOORHEAD, Pennsylvania

THOMAS B. CURTIS, Missouri

WILLIAM B. WIDNALL, New Jersey
DONALD RUMSFELD, Illinois

W. E. BROCK 3D, Tennessee

JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research

WILLIAM H. MOORE

ECONOMISTS

JOHN B. HENDERSON
DONALD A. WEBSTER (Minority)

(II)

GEORGE R. IDEN

CONTENTS

STATEMENTS

FEBRUARY 5, 1968

Proxmire, Hon. William, chairman of the Joint Economic Committee:

Opening statement_

Curtis, Hon. Thomas B., ranking minority member of the Joint Economic

Committee: Opening statement of minority..

Ackley, Hon. Gardner, chairman, Council of Economic Advisers; accom-

panied by Arthur M. Okum, and James S. Duesenberry, members, Coun-

cil of Economic Advisers..

FEBRUARY 6, 1968

Zwick, Hon. Charles J., Director of the Bureau of the Budget, accompanied

by Samuel M. Cohn, Assistant Director for Budget Review..

FEBRUARY 7, 1968

Samuels, Hon. Howard J., Acting Secretary of Commerce, accompanied by

William J. Chartener, Assistant Secretary of Commerce for Economic

Affairs; Lawrence E. McQuade, Assistant Secretary of Commerce for

Domestic and International Business; Joseph Bartlett, General Counsel,

Department of Commerce; William H. Shaw, special consultant to

the Secretary; Gerald A. Pollack, Deputy Assistant Secretary for Eco-

nomic Affairs; Edward K. Smith, Deputy Assistant Secretary for

Economic Policy: Louis Paradiso, Associate Director, Office of Business

Economics; Julius Shiskin, Chief Economic Statistician, Bureau of the

Census; and Maynard S. Comiez, Senior Economist, Office of Assistant

Secretary for Economic Affairs__

FEBRUARY 14, 1968

Patman, Hon. Wright, Vice Chairman, Joint Economic Committee_.

Martin, Hon. William McChesney, Jr., Chairman, Board of Governors of

the Federal Reserve System, accompanied by Daniel H. Brill, senior

adviser to the Board; and Robert Solomon, adviser to the Board..

[AFTERNOON SESSION]

Freeman, Hon. Orville L., Secretary of Agriculture, accompanied by

Francis Kutish, staff economist_---

FEBRUARY 15, 1968

Fowler, Hon. Henry H., Secretary of the Treasury, accompanied by

Frederick L. Deming, Under Secretary for Monetary Affairs, and Robert

A. Wallace, Assistant Secretary-

ADDITIONAL INFORMATION AND EXHIBITS

Bureau of the Budget:

Limited applicability of most cost-benefit ratios_

Recommended legislation and enactments_

Reasons for introducing and expanding participation certificates...

Table: Estimated Federal funds for programs assisting poor, fiscal

year 1960-69_.