Word: economists
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Dates: during 1970-1979
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...when should the tax cut take effect? Federal Reserve Chairman G. William Miller was the first to suggest putting off the date from Oct. 1 to Jan. 1, as a means of lopping $9 billion off the fiscal 1979 deficit. Republican Economist Murray Weidenbaum, an advocate of Carter's $25 billion tax cut, disagrees. Whatever reductions are enacted, he says, should take effect at the start of the Christmas-shopping season to spur retail sales and end 1978 on an upbeat note. But Miller's proposal is gaining ground...
...money supply and raise interest rates as an alternative way of fighting inflation. The Fed already has moved twice in the past two weeks to tighten up; last week, in response, Chase Manhattan Bank raised its prime rate on business loans a quarter point, to 8¼%. Democratic Economist Otto Eckstein says that a $25 billion tax cut would be "guaranteed to fail" if it leads to a tighter money policy. He favors both delaying the cut until Jan. 1 and shrinking it to $20 billion...
Social Security is the largest transfer; last year's payments were $90.4 billion. In all, reckons Economist William Lawrence of Pace University, whose definition of the payments is broader, 1977 transfer payments were equal to 69% of all federal tax receipts...
DIED. Jacques Léon Rueff, 81, free-market economist who helped Charles de Gaulle put France on the road to financial reform after 50 years of inflation and deterioration of the franc; in Paris. A firm advocate of the gold standard as an economic foundation for all Western countries, Rueff in 1958 carried out a drastic reduction in borrowing, the removal of nearly all quota restrictions for international trade and most significantly, the creation of a new franc (worth 100 old francs), which helped restore France's balance of trade and built up its gold reserves...
...very special honor, especially for an economist, since the academy has included social scientists for about only the last ten years," he added...