Word: hellers
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...Such concerns have sent the Dow Jones industrial average plummeting 110 points in the past month. At a meeting last week in Manhattan, the members of TIME's Board of Economists foresaw continued growth this year, but predicted that the recovery's pace would slow. Said Walter Heller, who was chief economic adviser to Presidents Kennedy and Johnson: "The expansion won't peter out, but it will peter down...
...major cause of concern for TIME's board was President Reagan's budget, which Heller called "the most reckless in modern history." According to estimates by board members, there will be annual deficits of close to $200 billion during at least the next three years. Such shortfalls threaten to drive up interest rates and eventually abort the recovery. Board Member Charles Schultze, a Brookings Institution senior fellow, who was unable to attend the meeting because of bad weather on the East Coast, said in an interview afterward: "These deficits will do damage to investment and long-run growth...
Capital investment has traditionally been the driving force in the second year of a recovery, and TIME's board was confident it is assuming that role again. Heller found the Commerce Department's forecast of a strong 9.9% increase in 1984 business capital spending too low and suggested that the actual rate will be closer to 14%. Greenspan cautioned, however, that most of the investment has been going for items like computers rather than for factories that are financed by expensive long-term borrowing. He called outlays for new plants "dead in the water...
...public rebuke fueled speculation that Feldstein might be on the way out. But the President later tried to downplay the incident and insisted that there were no substantial disagreements among Administration policymakers. Nonetheless, economists like Walter Heller, who served as chairman of President Kennedy's Council of Economic Advisers, feared that Reagan was unwisely disregarding Feldstein's warnings about the need for a tax hike...
Under Andrew Olson's direction, the production seems less concerned with articulating Heller's statement than in parodying the triteness. References to Harvard and reality (not to imply that the two are mutually exclusive) do provide some comic relief, which after all, may be the only way to effectively stage the play in 1983. But after the first scene we find no follow through; the second scene drags, lacking action and pacing. Even though the second act has its moments, they are buried beneath a little too much shtick and vaudevillian slapstick. For the audience, it seems like the longest...