Word: feldstein
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...members of the board, which is carefully chosen to represent diverse economic and political viewpoints, has become something of a regular activity during the past decade. Since the board was founded in 1969 to swap views on economic trends with TIME's editors, four members -- Greenspan, Murray Weidenbaum, Martin Feldstein and Beryl Sprinkel -- have left to serve as chairman of the Council of Economic Advisers. Jokes Alexander: "We're running out of economists to give to our country." Three other board members -- Walter Heller, Arthur Okun and Charles Schultze -- served as chairman before joining the TIME group...
...billion improvement in the trade deficit, and quite a few see less. Even worse, the U.S. trade balance will have to improve more than the current deficit indicates because the country is now an international debtor. In the current issue of the quarterly Foreign Affairs, Harvard Economist Martin Feldstein, a former chairman of President Reagan's Council of Economic Advisers, estimates that during the 1990s the U.S. will need to generate $60 billion annually just to repay the interest and principle on its burgeoning foreign debt. According to Washington Economist Bergsten, the pressure will thus be on to create...
...twin deficits -- budget and trade -- have created a historically unprecedented pile of external U.S. debt. America now owes foreign creditors nearly $200 billion, making it the world's largest debtor country. If trade deficits were to continue at their current level, the debt could reach $800 billion by 1991, Feldstein estimated. More ominous, U.S. debt could suddenly hit a critical point at which foreign investors become concerned that their money is concentrated too much in one place. Any sudden loss of confidence, said De Vries, could send the dollar into a steep fall. A plunge in the dollar could ignite...
TIME's economists expect that foreign resistance to U.S. debt is more likely to grow gradually, allowing the dollar to decline at an orderly pace. Said Feldstein: "I think we can get there without a shock." But even if it happens smoothly, the necessary further decline of 20% to 30% in the dollar will be bitter medicine for U.S. consumers. By making imports more expensive, ! the weak dollar will hamper the growth in the standard of living. "There's no question we will be poorer as a nation because of this, or rather we will get richer more slowly," said...
...Well, good luck. You'll need it." Then the One pauses, and as the grease plays delicately out into the crisp Cambridge air, he adds "By the way, could I xerox a copy of Feldstein-Garcia...