Okun Hits Cut in Employment Goal: 4% Jobless Rate Inflationary, Wallich Tells Budget Hearing
From left, Saul Hymans, Arthur M. Okun and Henry C. Wallich testify before the Joint Economic Committee.</br></br>Former Economic Council Chairman Arthur M. Okun yesterday sharply crtitcized the Nixon Administration for seeking to abandon a 4 per cent target for unemployment as the basic definition of ÛÏfull employment.Û But Henry C. Wallich a Yale economics professor and an adviser to the secretary of the Treasury, said that ÛÏthe 4 per cent full employment level no longer has the significance that it used to have. Today, 4 per cent unemployment unfortunately is more inflat-tionary than in the past.Û Okun, Wallich and Prof. Saul H. Hymans of the University of Michigan appeared as a panel before the Joint Economic Committee, now conducting hearings on the budget and economic report of President Nixon.</br></br>Each forecast a Gross National Product somewhat under the AdministrationÛªs projection of a $100 billion improvement this year. Wal-</br></br>United States securities and commodities exchanges will be closed on Monday, the day designated for celebration of WashingtonÛªs birthday.</br></br>Banks, savings and loans, state and federal offices and some business offices will be closed, giving employes a three-day holiday. But Washington retail stores will remain open and department stores have scheduled holiday sales.