Word: hellers
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Economists have far more serious doubts about the really stimulative parts of Nixon's package, particularly the substitution of business spending for public spending. As Economist Walter Heller notes, businessmen operating at far less than capacity and frequently at low profit are in a much less advantageous position to spend than are the nation's savings-flushed consumers. Moreover, the President may well have trouble persuading Congress to avoid allocating the funds from his budget cuts to other projects?and thus re-extend the danger of high deficit spending. On balance, however, the plan has a good chance of success...
...dollar. Indeed, the President's new package contains many ideas long advocated by Okun and the eight other members of TIME's Board of Economists. The board cheers Nixon's new activism. "It's a triumph in common sense," says Otto Eckstein. Walter Heller agrees. "It's a historic initiative. The economic world will never be quite the same again...
...WALTER HELLER, University of Minnesota professor and former chairman of the CEA. ROBERT NATHAN, head of Robert R.Nathan Associates, a Washington-based economic consulting firm. ARTHUR OKUN, senior fellow of the Brookings Institution, former chairman...
...VONDA HELLER Clarks Summit...
...WALTER HELLER (not pictured), professor of economics at the University of Minnesota and former chairman (1961-64) of the Council of Economic Advisers...