Word: ecksteins
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...Billion Twice. If these opinions are correct, the Administration faces some uncomfortable moments. Otto Eckstein calculates that the federal budget deficit will reach some $20 billion in both fiscal 1971 and 1972. That would be galling for a Republican President. Nixon has budgeted a drop in the deficit from $18.6 billion in fiscal 1971 to $11.6 billion in fiscal 1972, assuming that a rapid rise in G.N.P. will swell federal revenues proportionately...
...OTTO ECKSTEIN, Harvard professor of economics and former member (1964-66) of the President's Council of Economic Advisers...
...think it's safe to say that they will not restore full employment within the next few years," Eckstein said...
...Eckstein's analysis, based on a series of simulation studies which he has conducted, claims that the national economy faces several years of slow growth, too small to achieve full employment...
...Eckstein added that the question for national policy was whether to aim for full employment-around four percent-by 1973, or to try merely to keep unemployment around five per cent in the next two and one-half years...