Word: feldsteins
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Dates: during 1980-1989
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...Paul Volcker has been the outstanding economic figure of this decade," says Professor of Economics Martin S. Feldstein '61, former chairman of Reagan's Council of Economic Advisers. "It's very hard to think of somebody else who could do the job that Paul has done...
While they generally favored the proposed reduction of tax rates on business, board members attacked other changes in the treatment of corporations. Feldstein, who supports the investment tax credit and generous depreciation allowances now available, called some of the suggested revisions "rather misguided." The Administration's plans to drop the tax credit and tighten the depreciation write-offs, he argued, would discourage companies from building new factories and adding equipment...
Other TIME economists maintained that the Reagan proposals do not go far enough in reducing tax breaks for business. Charles Schultze, who was chief economic adviser to President Carter, took exception to Feldstein's analysis. Said he: "I think the bill probably gives too much attention to stimulating investment in bricks and mortar as opposed to cleaning up a lot of the distortions in the tax code that are slowing the economy...
...economists were optimistic that Congress and the White House are making a serious start toward resolving the budget dilemma. "I think we are getting closer and closer to a real breakthrough on bringing the deficit down," said Harvard Professor Martin Feldstein, who served for two years as President Reagan's chief economic adviser. The board was particularly encouraged by the resolution passed three weeks ago in the Republican-controlled Senate, which was designed to trim $56 billion from the 1986 budget, leaving a deficit of $171 billion. The plan would, among other things, eliminate the 1986 cost of living increase...
...Feldstein cautioned, however, that the Senate may have a problem with the Democrat-controlled House, which last week adopted a plan that makes deep cuts in defense spending but leaves Social Security untouched. He said that the House proposal may lack credibility in the financial markets because it retains most of the federal programs that the Senate wants eliminated. But Alice Rivlin, director of economics studies at Brookings, was hopeful that a compromise between the House and Senate versions could be reached in a conference committee...