Word: ceas
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...spread between the upper-and lower-income groups so difficult to shrink? One reason, the CEA notes, is that the graduated income tax does not significantly redistribute wealth. That is partly because taxpayers in the highest brackets have much greater opportunity to use legal write-offs than those with very low incomes. Moreover, the 5.85% Social Security payroll tax takes a much bigger proportional bite out of the salary of a worker earning $5,000 than from one earning more than $17,000. Ever larger sales taxes are also more burdensome for the poor...
Prospects for low-income groups are even less promising as the nation drifts into an economic downturn and possibly a recession. The CEA notes that in a recession, low-paid workers with minimal skills are usually laid off first-or work fewer hours per week. Even though those at the bottom of the income ladder have not gained on those at the top, they are better off. In 1972 a total of 12% of the population were classified as living in poverty...
...start of the year, the consensus among TIME'S board members and most other economists was that the G.N.P. deflator, the broadest index of inflation in the economy, would rise about 3.5%. CEA Chairman Herbert Stein predicted 3%. Actually, the deflator rose by more than 5.5%, the biggest peacetime jump in a quarter-century...
...Administration's two top economic aides, Treasury Secretary Shultz and CEA Chairman Stein, are both obdurately opposed to regulating the free market. They are willing to create some kind of inflation-monitoring federal agency to replace the Cost of Living Council, but the agency would probably lack the COLC'S power to intercede in private price-and-wage decisions. Mainly, its job would be to argue the anti-inflation line in the Government's own decisions, such as the way regulatory bodies set rates. Whether the Administration will be able to stick to these plans...
...hard-liner on inflation and as a holder of what Nixon wryly described as "rather, shall we say, outspoken" views. Fellner's views are, in fact, not all that unusual. His daring in voicing them out loud assuredly is-and it promises some lively times on the CEA, especially if, as rumored, Fellner eventually succeeds Herbert Stein as head of the council...