Word: boskin
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More and more prominent economists, mostly conservatives, are endorsing a consumption tax. They include Princeton's David Bradford, James McKie of the University of Texas, Stanford's Michael Boskin, and Alan Greenspan, who was chief economic adviser to President Gerald Ford. The idea is also bubbling within the Administration. Martin Feldstein, chairman of the Council of Economic Advisers, calls the consumption tax "appealing." Says Treasury Secretary Donald Regan: "In the long run, we have to have fewer taxes on savings. A move toward consumption taxes will probably be an absolute necessity if the U.S. is to remain competitive...
...Reserve is making the same mistake it did in 1980. Says Lacy Hunt, chief economist with the Carroll McEntee & McGinley investment firm in New York City: "What everyone wanted was a nice, controlled, slow recovery. What we're getting is a fast, potentially disorderly recovery." Stanford Economist Michael Boskin is concerned that if excessive money growth continues too long, Volcker will have to tighten abruptly next year and risk aborting the recovery...
...those two workers and their employers would have to pay to support one retired person could drain away 25% of American payrolls. That would not only put an all but unbearable strain on the 21st century economy, but could provoke a tax rebellion among the young. Warns Michael J. Boskin, an economist and Social Security expert at Stanford University: "This could cause the greatest polarization in the U.S. since the Civil War. It would be age warfare...
...would be most imprudent to stall on fundamental reform of the Social Security system and trust to these uncertainties. As Boskin puts it, if pessimistic demographic predictions corne true and "we wait until early next century to do something about this, the Social Security deficit could be well over a trillion dollars." Given the moral imperative of providing people who are now working with ample time to adjust their retirement plans to changes in Social Security, the Administration and Congresss should combine action to ease the immediate cash squeeze and budget deficit with long-range reforms, legislated now to take...
Critics of the Reagan proposal, however, doubt that this would occur. They argue that consumers are more likely to spend the money provided by the tax cut, thus encouraging more demand in the economy and fueling inflation. Says Stanford University Economist Michael Boskin, one of the earliest supporters of supply-side economics: "The President's tax cut will simply not have a large impact on savings. The bulk of the effect will be to increase spending." Adds Democratic Economist Lester Thurow of M.I.T.: "The Reagan tax cut is simply not supply-side economics. Only about 6% of it would...