Word: kellner
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...bitter cold and crop-killing drought in the West. Businessmen and investors also worry about the back-to-back budget deficits (totaling $125 billion this year and in fiscal 1978) that President Carter has estimated as one result of his program to stimulate the economy. Irwin L. Kellner, vice president of Manufacturers Hanover Trust, fears a return to consistent double-digit inflation before the end of 1978; Albert H. Cox Jr., president of Merrill Lynch Economics Inc., sees a 40% chance of inflation reaching about that speed late...
...many economists now regard replacement-cost accounting as a simple matter of the bookkeepers' finally catching up with reality. Irwin Kellner of New York's Manufacturers Hanover Trust Co. cites the "salutary effects" of replacement-cost accounting. If it reduces high taxes on inflation-bloated corporate profits, it frees funds for badly needed capital investment. And in a time of high inflation, he adds, ordinary depreciation "is much too little to replace plants. It's like a camel trying to live off its hump-O.K. for a while, but eventually starvation...
...there is sharp disagreement among experts about whether businessmen will take the big capital-spending plunge. Irwin Kellner, vice president and economist of Manhattan's Manufacturers Hanover Trust Co., believes that they will. He notes that sales at many companies are up, cash reserves are fat and the outlook for continued growth seems inviting. In those circumstances, Kellner argues, an increase in capital spending is probable...
...income from their share holdings ahead of inflation. Although stock prices themselves dipped sharply during that period, dividends paid by U.S. corporations soared from $22.9 billion in 1970 to $32.8 billion last year; that 43% rise outpaced a 36% climb in the consumer price index. This year Economist Irwin Kellner of New York's Manufacturers Hanover Trust expects dividends to go up about 8%, well ahead of the anticipated 6% rate of inflation...
...Hair Below. Some economists argue, in fact, that the economy is doing about as well as it ever has in creating jobs for traditional, career-minded workers. Irwin Kellner, vice president and economist of Manufacturers Hanover Trust Co. in New York, points out that since 1948 the number of people who do have jobs has averaged 55.4% of the U.S. population over 16 years of age. The ratio in November was only a hair below that...