Word: ecksteins
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That simple pronouncement could hardly have been loaded with more significance. The mighty organization that once seemed able to bend the world to its will was sinking deeper into its worst crisis. OPEC was badly split, if not permanently shattered. Concluded Harvard Economics Professor Otto Eckstein: "The cartel is on the verge of falling apart. If Saudi Arabia cannot impose some production and price discipline on the other members, then OPEC is finished...
...Otto Eckstein, Warburg Professor of Economics, concurred that Reagan structured his proposals from a surprisingly defensive position of "trying to retain what he has gained" while battling Congress...
Several of the economists, including Heller and Eckstein, argued that the simplest and surest way to spur recovery would be to move up the 10% tax cut from July 1 to Jan. 1. President Reagan supported such a strategy briefly but then abandoned it because it was unpopular in Congress. The main drawback to accelerating the tax cut is that it would swell the already bloated federal budget deficit. The financial markets are gravely concerned that the flow of red ink will cause inflation to speed up again, and this anxiety, more than anything else, has been responsible for keeping...
...While Eckstein contended that lower taxes and a somewhat larger deficit in the short run would help lift the economy out of recession, he agreed with all the other board members that, after the recovery begins, the budget gap must be narrowed substantially. Unless something is done, the economists predicted, the deficit will rise from $110.7 billion in fiscal 1982 to more than $170 billion in 1984. That would be nearly three times as high as the biggest deficit recorded by any previous Administration...
...keep taxpayers from paying a higher percentage of their income simply because of inflation. But that will hold down revenues and help perpetuate the deficit dilemma. Given Congress's reluctance to make necessary cuts in spending and Reagan's determination to boost defense outlays, Schultze, Heller and Eckstein contended that the best way to shrink the budget gap may be to scrap the indexing plan. If Congress decided immediately to repeal indexing, the action might reassure financial markets and help bring down long-term interest rates...