ideas dominated policymaking nearly All Keynesians. policies written into the ployment of half a pledging the federal government to promote maximum E 1946, to taxing z century. ployment production and purchasing power" through its aggregate and spending. The act created the Council of Economic Advisors to develop to the president national economic policies" and required the presideii submit to Congress an annual economic report assessing the state of the econoG While arguments continued over whether policy should tilt toward fighting rec sion or fighting inflation, by 1970 President Richard Nixon announced that "we all Keynesians. government deficits to counter Yet while most economists endorsed sions, it became increasingly clear that politicians were unable to end deficit spenc