Word: millers
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Dates: during 1970-1979
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...days, Time's guests heard from and fired questions at a long list of panelists and speakers. They included Treasury Secretary Michael Blumenthal, Federal Reserve Board Chairman G. William Miller, White House Economics Adviser Charles Schultze, Senate Finance Committee Chairman Russell Long, Senator Edward Kennedy, House Ways and Means Chairman Al Ullman, and Conable. What emerged, among other things, was a surprisingly broad consensus that tax policy, both as a mirror of the nation's goals and as a tool to help achieve them, is moving-and must continue to move-in a new direction...
...first-step tax cut is not in much dispute. The House passed a bill reducing taxes $16.3 billion a year; the Senate may increase that to slightly over $19 billion. Nor is there much disagreement that about two-thirds will go to in dividual taxpayers. Federal Reserve Chairman Miller said he would like to see part of that sum go not to cutting income taxes but to reducing the Social Security tax increase coming next year. Treasury Secretary Blumenthal would give more of the cuts to people with taxable incomes of $20,000 to $50,000 a year...
...Chairman Miller spelled out some of the reasons for concern: "The Japanese spend 20% of their gross national product in fixed investment, and Germany spends 15%, and we are spending 8% or 9%." He drew an analogy with 16th century Spain, which "became the principal beneficiary of the discovery of the New World in the form of large amounts of gold and silver, introducing into Spain huge amounts of unearned purchasing power. It was spent to build the most elegant society the world had ever seen up to that time in Europe . . . But it was a consumptive society, and when...
Many businessmen and economists believe that any guidelines program would deal only with the symptoms of inflation and not its root causes, notably bulging deficits and a too-rapid expansion of the U.S. money supply. But the Federal Reserve lately has been making progress in reducing money growth toward Miller's goal of an annual rate no higher than 6.5%, and Stage Two will include a new round of budget cutting. The Senate Budget Committee last week voted to set a $42.3 billion ceiling on the federal deficit for fiscal 1979, which starts Oct. 1. That would be well...
Another idea is to delay for a year increases in the federal minimum wage-from $2.65 an hour to $2.90-and in Social Security taxes scheduled for January. Miller last week urged Congress to do just that, and he has allies in the Administration who calculate that the delays would knock a full percentage point off next year's inflation rate. But the delays would so anger-labor and old people that the Administration is not expected to ask for them. Most likely it will merely pass the word that it is not opposed to delays and hope that...