Word: hellers
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...Many economists back the businessmen on this issue. Says Walter Heller, who is also on TIME'S Board of Economists: "On a tripartite board, either the labor and public members will gang up on business, or the business and labor members will come to sweetheart solutions. Generally such a board wants peace at any price." A possible compromise, favored by many Administration planners, is to set up a tripartite board that would rule on wage increases, but have its decisions subject to review by a higher board, composed of Government appointees who would examine price boosts as well. That...
...limited the other should be too. By almost any measure, however, profits are not now excessive but depressed. U.S. corporate earnings after taxes, at an annual rate of $46 billion in this year's second quarter, were actually lower than in 1965. Many economists agree with Walter Heller that "an excess profits tax is a silly tax." It did not work well at all during the Korean War. Such a tax now might only prompt executives to hide their companies' real earnings by accounting sleight-of-hand, or to squander in expense-account living the money that they...
...WALTER HELLER, University of Minnesota professor and former chairman...
What makes the economists' forecast for 1972 so encouraging is the amount of real, noninflationary growth. Heller expects that the rate of real growth will jump to 6¼%; meanwhile, the inflation rate will shrink from this year's 4.7% to 3%. If those results are achieved, the U.S. economy will expand faster next year than at any time since the mid-'60s. One bread-and-butter result, predict Heller, Grove and Eckstein, will be a reduction in the unemployment rate from the current...
...Council of Economic Advisers and TIME's Board of Economists agree that the nation needs more than one exhilarating year to close this gap left by the recession and reach the economic level that would have been achieved if growth had been normal over the past three years. Heller reckons that it would take a G.N.P. increase of $80 billion just to hold unemployment at current rates, and three straight years of more than $100 billion growth to bring joblessness down to the 4% level. Still, compared with most prognostications of late, the prospect of a $100 billion jump...