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...have been a bit overblown, the economy is indeed in serious trouble. Declining productivity, recalcitrant inflation and the explosion of Government spending have so shackled U.S. business that growth will be sluggish well into the future. Moreover, the time left to reverse that course is growing short. Warned Otto Eckstein, president of Data Resources, an economic consulting firm based in Lexington, Mass.: "The federal budget has tremendous upward momentum. Increases in spending can't go on at the rate of the past ten years, or the private sector won't be able to function any more." Manhattan Economic...

Author: /time Magazine | Title: Will Reagan's Plan Work? | 2/23/1981 | See Source »

...cuts will not pay for themselves" by fostering increased production, Otto Eckstein, Warburg Professor of Economics explained, adding that Reagan's decision to avoid numerical goals was "particularly sensible...

Author: By Andrew C. Karp, | Title: Reagan's Style Draws Praise From Experts | 2/7/1981 | See Source »

...weakest part of the speech was Reagan's presentation of graphs that "looked like something out of Social Analysis 10." Eckstein said, noting that "the President forgot to label the axes...

Author: By Andrew C. Karp, | Title: Reagan's Style Draws Praise From Experts | 2/7/1981 | See Source »

...keep pushing up wages and prices. As they see it, there is almost no chance of a major reduction in prices during the first half of next year, and large tax cuts now might encourage everyone to start asking for more in expectation of still higher inflation. Said Economist Eckstein: "The scientific evidence suggests that the only thing that improves inflation expectations is actual experience, and the experience in 1981 is just not going to be all that marvelous." Added Heller: "I hope and pray that President-elect Reagan can lower inflationary expectations, but the prospects do not look very...

Author: /time Magazine | Title: Business: Outlook '81: Recession | 12/29/1980 | See Source »

...Otto Eckstein argued that reducing outlays by the $30 billion to $50 billion that Reagan's advisers are recommending for fiscal 1981 would require a complete halt to any growth in nondefense spending. Since 1947, those politically popular expenditures-which include Social Security, aid to education, and employment training-have increased at an average rate of 5.3% annually. Said Eckstein: "The question is, Can Reagan effectuate this revolution...

Author: /time Magazine | Title: Business: Outlook '81: Recession | 12/29/1980 | See Source »

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