Word: economists
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Dates: during 1980-1989
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...Congress cut down drastically on the number of deductions allowed, it could raise revenue and simultaneously lower tax rates. One of the most sweeping strategies of this kind is the so-called flat-tax proposal put before Congress last year by Democratic Senator Dennis DeConcini of Arizona. Devised by Economist Robert Hall and Political Scientist Alvin Rabushka of the Hoover Institution at Stanford, the plan would eliminate all deductions and tax everyone at the same rate, 19%. Currently, rates go as high as 50%. The Hall-Rabushka proposal would let all taxpayers subtract a "personal allowance" from their income that...
...Private economists agree. As Irwin Kellner, chief economist of New York City's Manufacturers Hanover Trust, points out, unemployment remains at 7.8%, well above the 6% at which labor shortages might begin to push up prices. Factories are operating at only 80.7% of capacity, so there is room before production bottlenecks occur that might create inflationary pressures...
...plan for slightly deeper cuts. Nonetheless, the deficits will remain huge. The Congressional Budget Office reported last week that even if the $150 billion project is adopted, the deficit will be $198 billion in fiscal year 1987. Such heavy federal borrowing will keep pressure on interest rates. Economist Robert Gough of Data Resources, a Lexington, Mass., economic-analysis firm, warns, "The business community is beginning to be crowded out of the credit markets, and I think we will see some slowdown in business spending in the months ahead...
Some conservative economists are urging the Federal Reserve to keep down the money supply with higher interest rates to prevent more inflation. They fear that signs like last week's $4 billion jump in the basic money supply point toward sharp price increases later in the year. In deed, Salomon Bros. Economist Henry Kaufman expects the discount rate, the price the Federal Reserve charges mem ber banks for loans, to rise a full percent age point in the next two months. Others contend that since the money supply has been growing within its announced target range...
DIED. Otto Eckstein, 56, staunchly liberal German-born economist, Harvard professor, member of the Council of Economic Advisers under Lyndon Johnson and longtime participant on TIME'S Board of Economists, who promoted the science of econometric forecasting into an indispensable tool of government and business planning and founded a highly successful business, Data Resources Inc., which, when sold to McGraw-Hill in 1979, made him a multimillionaire; of cancer; in Boston...