Word: feldstein
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...Feldstein was out of town and unreachable this week, but he told the Journal that he had not yet been contacted in regard to the CEA position...
Harvard Economist Martin Feldstein, who filed his views to TIME while on a trip to China, praised the President's program. Said he: "Reaganomics has been a great success in getting the incentives right for the rest of the 1980s." Feldstein said that consumer savings and businesses are just beginning to respond to tax cuts and other measures passed by Congress last year. "These things don't have an effect overnight," he added...
...have more than a brief impact on the deficit, any such plan would have to be combined with a cap on future COLAS. One proposal advocated vigorously by Harvard's Martin Feldstein, a member of TIME's Board of Economists, would be to limit future increases to "inflation less 2%"; that is, if the CPI rose 8% in a given year, Social Security benefits would go up only 6%. The virtue of this plan is that it would be similar to the treatment of COLAS in private industry: workers whose wages are indexed to inflation generally get raises...
...high interest rates were understandable as long as inflation was unchecked, but they are less convincing now. Why have rates not responded to the good news on prices? The President told his eighth-grade audience that money managers fear that inflation will come roaring back. Says Harvard Professor Martin Feldstein: "After being burned for more than a decade, it's not surprising that these guys don't rush out and gamble on long-term bonds...
Proponents of the leasing measure argue that the deals discourage mergers that might be made only to acquire tax credits. Says Martin Feldstein, president of the National Bureau of Economic Research and a member of TIME'S Board of Economists: "Halting such mergers was actually an important rationale for congressional support of the leasing law. If you now cut the leasing provisions, companies will find that there are strong tax reasons, rather than good economic reasons, for merging...