Word: higher
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Dates: during 1970-1979
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...fairly well, business investment in new plant and equipment is picking up a bit, and both should be spurred by the tax reduction of $16 billion to $18 billion a year that Congress is about to enact. In 1979, though, that cut will just about offset the impact of higher Social Security taxes and the erosion of both consumer and business purchasing power caused by inflation...
...take jobs, at least in areas where welfare benefits are high. That is the conclusion of an analysis of inner-city family income in Los Angeles by Economist Arthur ("Curve") Laffer, who has popularized the theory that lower tax rates lead to increased business activity and therefore to higher tax revenues...
Laffer found that a family of four in which no one works receives $739.33 a month if it takes advantage of all available welfare benefits and other payments, such as food stamps and housing subsidies. If one member works, family earnings are not much higher, because taxes go up and payments go down. If the job holder has wages of $100 a month, the family has an additional $31.54 of spendable income. If he has wages of $500, the extra income is only $65.77. At $700 the added income dips slightly, for various reasons...
...more "practical" courses is greatest, and the consequent need to find new recruits is most urgent. For a professor, aggressive salesmanship is "just the beginning of what will be a very major development in the 1980s," predicts Clark Kerr, chairman of the Carnegie Council on Policy Studies in Higher Education. "Teachers are only just beginning to realize that there is a tremendous pool of buying power among students for electives." Of course there is nothing new in students evaluating their professors. Harvard and Yale undergraduates have for years published devastatingly candid brochures designed to help freshmen choose courses...
...free market works very badly in higher education," sighs Riesman. Indeed, the new selling of higher education in some ways bodes ill for education and academic integrity...