Word: boskin
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...cuts while making good on Bush's promise to be a "compassionate conservative." That means a plan that does more than bestow a huge tax rebate on the wealthiest Americans. Bush "wants to make sure that the people on the outskirts of poverty are not left behind," Michael Boskin, a member of the economic team, told TIME. "And you can expect that he will propose policies to do something about that...
...Virtually everything we do in the economy depends on the CPI," says Michael Boskin, Stanford University economics professor and former chairman of the Council of Economic Advisers. In 1996 Boskin headed a Senate commission that concluded that the CPI overstates annual inflation by about a percentage point. That means the low CPI of 1.7% last year might really have been less than 1%--a huge difference. Boskin's startling assertion accelerated the drive to find a new CPI formula while politicians began drooling over the prospect of reallocating billions of dollars freed by reduced CPI-pegged spending...
...credible plan for balancing the budget might lead to lower interest rates, helping anybody who borrows to buy a car or house. Fannie Mae estimates families might save $100 a month on each $100,000 borrowed. A strong case could be made, too, that adopting the recommendations of the Boskin Commission would spread the pain of balancing the budget as widely and mildly as possible. The elderly would still have their Social Security pensions raised next year, though by an average $13 a month rather than $21. A median family of four would pay $37 in extra taxes the first...
...Boskin Commission makes three major criticisms of the index...
...Boskin and colleagues figure the real cost of living in 1996 rose only about 1.8% rather than the 2.9% CPI increase that next year's Social Security pensions will be based on. That may seem small, but spread over trillions of dollars in government spending--about a third of which is increased in tandem with the CPI--and compounded over the years, it adds...