Word: ecksteins
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Many economists see rebates as a quick fix for the economy. No other form of tax reliefer federal spending, they argue, moves so swiftly into the economic bloodstream. Says Otto Eckstein of Data Resources Inc. and a member of the TIME Board of Economists: "In 1975 we learned that a temporary tax cut lifts retail sales. It was spent fully within two or three months." The Carter forces are counting on the rebates to encourage business to spend more on expansion, since consumer purchasing power will be increased. While the 1976 recovery was sparked by inventory rebuilding and consumer spending...
Today, the Bureau of Labor Statistics estimates, a 6% increase in steel-mill products drives up the Wholesale Price Index in the following month by only one-tenth of a percentage point. Otto Eckstein, a member of TIME's Board of Economists, believes increases in the wages of public employees, energy prices, "maybe even the Russian wheat sale" are more inflationary than steel boosts...
...another culprit surfaced: budget watchers discovered that the Government had not spent $9 billion to $16 billion that it had been authorized to shell out during 1976. The economy was robbed of that much spending power and slowed all the more. Harvard Professor and Board of Economists member Otto Eckstein estimates that total federal purchases will rise less than 1% during 1976, hardly enough to promote robust growth...
...Board of Economists worry that, in grappling with this and other economic problems, Carter and his advisers will focus too much attention on 1977, too little on what follows. A stimulus of any kind takes time to filter through the economy and become effective. The job, says Otto Eckstein, is not to pump up the 1977 figures as much as possible but "to create an underpinning for business and households for a better four years." The coming year, however, is the time when a speedup must at least begin...
...retired Galbraith, Smithies, and Eckstein...