Word: dernburg
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Dates: during 1970-1979
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Many economists fear the legislation could be a staggering blow to the economy, which is already burdened with an unemployment rate of 6.9% and inflation of 6.5%, and is expected to face some trouble in 1979. Said Thomas Dernburg, senior economist for the Congressional Joint Economic Committee: "The vote was an amazing mental flipflop. No one would consider raising the income tax with the economy in this state...
...proposal by then Vice President Nelson Rockefeller to pour $100 billion of federal money into an emergency energy program. Earlier this year the institute insistently pointed out what it saw as the bureaucratic dangers of the proposed Agency for Consumer Advocacy, which now seems dead. More generally, Tom Dernburg, chief economist for the Joint Economic Committee of Congress, says: "I certainly take their work seriously. A lot of it is very high quality." Winning such respect from moderate and liberal Democrats is undoubtedly the institute's biggest success...
...recession. Charles Schultze, the President's chief economic adviser, forecasts a steady if unspectacular 5% rate of expansion for the rest of the year, and most other economists agree. A bearish minority, however, fears that the economy could be in for a more substantial slide. Says Tom Dernburg, senior economist of the Congressional Joint Economic Committee: "I'm just not convinced that the economy is going to end up looking as bright as the Administration claims...
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