Word: feldstein
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...Republican-controlled Senate. Last week the Senate passed by a 96-0 vote a "sense of Congress" resolution voicing opposition to key parts of the Reagan plan. But that still leaves the question of what to do to keep the Social Security program from going bankrupt. Martin Feldstein, professor of economics at Harvard and president of the National Bureau of Economic Research, pointed out that benefits to Social Security recipients have risen by 30% since 1970, while the buying power of people still working has decreased by 10% because of inflation. Said Feldstein: "We must find ways...
Martin S. Feldstein, a Harvard professor and president of the National Bureau of Economic Research, was worried that if the Reagan Administration is successful in fostering faster economic growth, this would lead to new demands for higher wages and still more inflation. He argued that only the slow business expansion of the past two years has kept pay increases low. Said he: "If the economy is even moderately stimulated and nothing is done to change inflation expectations, I think we could see tremendous pressure on the wage side. We really have to do something in the next year...
...Feldstein's work has included a con- troversial study of the U.S. social security system sharply critical of the government's retirement program, which he says has hurt the economy by depleting funds that could be used for investment...
...addition to heading the NBER, Feldstein co-edits the Journal of Public Economics, is a member of several economic associations and was recently named to Time magazine's board of economists...
...Feldstein attended Oxford University after graduating from Harvard. He has consulted for government and private groups, and reportedly was considered for--or offered--a spot on the CEA in the Ford administration