Annual report of the Secretary of the Treasury on the state of the finances for the year .. . 48 50 52 54 56 58 60 62 64 66 68 70 72. 49 51 53 55 57 59 61 63 65 67 69 71 73Note: Bars are plotted as deviations from average ratfier than from zero. 304 1975 REPORT OF THE SECRETARY OF THE TREASURY I do not want to suggest that countering inflation is so simple that all we haveto worry about is our budget position. Quite the contrary. We all know thatmoney matters and that we have to be concerned with monetary policy. ArthurBurns has already testified that a 6-percent growth in money is too high fo
Annual report of the Secretary of the Treasury on the state of the finances for the year .. . 48 50 52 54 56 58 60 62 64 66 68 70 72. 49 51 53 55 57 59 61 63 65 67 69 71 73Note: Bars are plotted as deviations from average ratfier than from zero. 304 1975 REPORT OF THE SECRETARY OF THE TREASURY I do not want to suggest that countering inflation is so simple that all we haveto worry about is our budget position. Quite the contrary. We all know thatmoney matters and that we have to be concerned with monetary policy. ArthurBurns has already testified that a 6-percent growth in money is too high for pricestability over the longer term. He has also stated that monetary policy will beconducted so as to avoid a credit crunch. In this regard, we should remember that a strong, steady fiscal policy isespecially important when, as at present, demands for financing capital forma-tion and housing are heavy relative to the flow of national savings. I believe thenormal target for the budget should be a surplus equal to 1-2 percent of Federaloutlays. With such a surplus, which would add roughly 2 percent to the nationalsavings strea
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