Word: hellers
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...that an appropriate policy? Republicans Sprinkel and Murray L. Weidenbaum, former Assistant Secretary of the Treasury, say yes: they think that the recovery now in prospect is the fastest that the U.S. can afford without kicking up inflation. Democrats Heller, Okun and Pechman insist that there is so much slack in the economy that a more expansionary policy would speed recovery and bring the jobless rate down faster while producing little or no added inflation. Yet Pechman concludes resignedly that in the present political climate, an extension of the 1975 tax cut and a money supply growth within Federal Reserve...
Democrats on the Board of Economists-Heller, Okun, Pechman, Nathan-argue that inflation could be most effectively restrained by Government pressure on industry and labor to pursue moderate price-wage policies, leaving Washington free to stimulate the economy more through tax cuts, federal spending and faster money-supply growth. But they have no hope of changing President Ford's mind. They expect him to present a budget for fiscal 1977 of $395 billion, or $28 billion less than if no effort were made to hold down spending, and to resist further tax cuts not tied to such a spending...
...expected to get a big lift from consumer spending, which is likely to pick up smartly in the months ahead, especially for major appliances, furniture and household goods. Corporate profits, though still behind those of a year ago, have risen from their lows of early 1975 -and so, say Heller and George Perry, an economist with the Brookings Institution, business spending for new plant and equipment will also pick up. The auto industry, which has been more deeply depressed than almost any other for the past two years, has begun to turn round. Auto sales in October jumped 23% above...
...course of moderation" in order to promote recovery. Already, as a result of the board's gingerly move toward expansion, interest rates are inching down: banks' prime rate on loans to blue-chip corporations has dropped from 8% to 7¼% in the past eight weeks. Heller believes that as the economy rebounds, the Federal Reserve will be forced to take an even more accommodating position, and will expand money supply as much as 8½% a year...
...York State followed the city into default-and unfortunately that is much more than a remote possibility. Basically, the effects of a New York City bankruptcy are immeasurable, since the situation would be unprecedented. But many economists believe the risk is too great to be worth taking. Says Heller: "No one knows how to judge a New York City default on a Richter scale of financial earthquakes, but we should try to handle it without testing the repercussions...