Word: hellers
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...estimate is the bottom-line figure in the "preliminary 1972 appraisal" of Walter Heller, one of the nation's leading economists and an adviser to Democrats Edmund Muskie, Hubert Humphrey and Edward Kennedy. He notes that it would be the largest G.N.P. dollar advance in U.S. history. Adds Republican Alan Greenspan: "I come up with $99.8 billion." Beryl Sprinkel, an advocate of conservative monetary policies who often disagrees with Heller, calculates an advance "on the order of $100 billion...
...Walter Heller, a former chairman of the Council of Economic Advisers who helped institute the first investment tax credit under President Kennedy, remembers that business spending did not substantially pick up until 1964, when consumer spending was boosted by a major cut in personal income taxes. Heller opposes Nixon's current tax package. His view: "It's a case of upside-down economics, because while investment stimulus is needed, consumer stimulus is needed even more." In the view of Heller and some other top economists, an investment credit should be adopted now, but the ADR should be jettisoned...
...five of our correspondents cover economics full time in various cities, including Brussels, the Common Market headquarters. The section will also rely heavily on the nine noted experts who make up our Board of Economists, including two former heads of the President's Council of Economic Advisers, Walter Heller and Arthur Okun...
WAGE-PRICE FREEZE. "It's a dramatic change of direction," says Arthur Okun, "and we have bought time. But I'm sorry that it was so late. I can't see any President ever again staying completely out of wage and price decisions." Adds Walter Heller: "Now that the initial euphoria is wearing off, the country is rightfully saying, That was great for openers, but where do we go from here?' After the 90-day freeze, do we slide into a straitjacket of mandatory controls, or do we use this time to develop...
...small and will have little effect on the economy." Joseph Pechman believes "there is not enough immediate stimulation of demand." He argues that the cuts, which become effective Jan. 1, should be instituted right now, and that the increases in Social Security levies should be postponed until 1973. Walter Heller contends that it was wrong "to feed corporations with the economic raw meat of a $5 billion investment tax credit on top of the $4 billion depreciation give away, and at the same time toss the consumer the small bone of a $2.5 billion speedup in income tax reductions." Robert...