Can We Have Full Employment Without Inflation
today. With only a minimal inflationary risk, we can do vastly more to speed up the process of recovery. I don't want the jump in our thinking to a full employment world to inhibit us from doing what we ought to be doing today when we are so far from that full employment world and have lots of leeway, lots of headroom, elbowroom, legroom and hiproom for expansion. We can do at least three things in 1976 to stimulate employment. One is to maintain an accommodative monetary stance all year. In other words, to hold interest rates down and even, if required (as I think it will be) to go beyond the 5 to 7.5 percent money growth range. Second, there's still lots to be done on the job program front. Everything from better public employment programs to coupling unemployment compensation with some kind of training. Since we're still so deep in the economic hole, let's also consider some quick and carefully targeted public works programs like rebuilding railway roadbeds. If we can't, in other words, put people back to work soon by stimulating demand through monetary and fiscal policy, let's at least take them off the unemployment and welfare roles and institute very sharply focused job programs, to stop some of this tremendous waste of human resources. Finally, if that isn't enough, I would turn, rather reluctantly, to further tax cuts. We ought in any event to extend the temporary tax cuts quickly so people know that their tax bills aren't going to jump on July first. But if we had to go beyond that, there are lots of adjustments of the income tax for the lower income