Word: economists
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Dates: during 1970-1979
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...This will drain off more of the nation's resources and build up trade debts that future generations will have to pay. In 1974 the rippling effects of rising oil prices contributed three or four percentage points to the U.S. inflation rate of 12%. The oil rise, which Yale Economist Richard Cooper called "King Faisal's tax," reduced Americans' purchasing power and consumption of goods as much as a 10% increase in personal income taxes would have done...
...more. Since last spring, tens of thousands of discontented Danes have taken to the streets in demonstrations to protest inflation (currently 19% annually) and unemployment (10.3%-the highest in Western Europe). In contrast to oil-rich Norway and politically stable Sweden, Denmark is so problem-ridden that Danish Economist Thorkil Kristensen notes: "It is not easy to write anything encouraging about Denmark today...
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...
...Finance Ministry estimates that annual oil revenues by 1981 will be roughly 2½ times what the economy can absorb. The government can spend some of its excess profits on social services. It can also reduce its steep income taxes (now ranging up to 90%). But University of Oslo Economist Erling Eide predicts that any reduction in taxation would lead to a severe inflation resulting from Norwegians' increased spending power. The only way to contain the inflation, Eide says, would be to revalue the krone to reduce the cost of foreign imports. Revaluation, though, would damage such Norwegian export...
...year alone, surplus revenues of OPEC members are running at $60 billion. Of this, almost a fifth has suddenly cascaded into the U.S., going mostly into Treasury bills or similar short-term holdings. By next year, the total is likely to exceed $70 billion. Writing in Foreign Affairs, Exxon Economist Gerald A. Pollack predicts that by 1980 OPEC'S total annual investable surplus could reach almost $500 billion. This is more than ten times as much profit as all U.S. manufacturers earned last year or, broadly expressed another way, enough to dig 5,000 Suez Canals at the original...