Word: ecksteins
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Double Digits. Economists nearly unanimously assume that the inflation rate will continue to simmer down gradually this year?or they did until Ford announced his program. Now they are not so sure. Eckstein predicts that the energy package would make 1975 a second straight year of double-digit inflation, meaning that prices would rise 10% or more. Many of the businessmen and bankers who normally constitute the backbone of a Republican President's support are also seriously worried. "The biggest fear to me is inflation, not recession," says William H. Spoor, chairman of Pillsbury Co. Richard H. Vaughan, president...
...Administration's own projections are not exactly enthusiastic. Unemployment will continue to rise but at a slower rate. One White House adviser estimates that with the Ford program, the unemployment rate by year's end would be half a point below what it would otherwise be. Economist Otto Eckstein, head of Data Resources, Inc., makes a similar forecast. He reckons that the unemployment rate next December would be a still shocking 8.1%, rather than an even worse 8.5% (it was 7.1% last month...
...liberal economists, who worry that Ford's economic program is not expansive enough to counter the recession. They contend that boosting tariffs and taxes on crude oil would not only hinder a business recovery but also keep prices rising at double-digit rates. Says Board Member Otto Eckstein: "The goals of the two packages are quite different and to an extent contradictory...
Whether that much of a cut is sufficient is arguable. Otto Eckstein, a member of TIME'S Board of Economists, would favor a tax cut of up to $25 billion. Brookings Institution Economist Charles Schultze agrees. He estimates that in today's $1.4 trillion economy, a tax cut of $25 billion would have an impact comparable to an $11 billion reduction in 1964. Says Schultze: "Small measures will...
...this year that even if they could be stopped dead in their tracks now, for a long period they would still be much higher than they were twelve months earlier. The recession will hold down increases in many prices but will have little effect on a group of what Eckstein calls "lagging" prices: medical insurance premiums, rates for electric utility and telephone service and the like. These are still being raised to catch up with past inflation. One caution: price forecasts in the past few years have been more subject to error than any other predictions by economists...