Word: okun
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Dates: during 1970-1979
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...federal income taxes. A do-something-quick mood also was evident among the members of TIME's Board of Economists as they gathered to trace the likely course of the economy for the year ahead. Tax Expert Joseph Pechman described the situation as "desperate," and Arthur Okun, former chairman of the Council of Economic Advisers, worried that the economy "is in a tailspin." Liberals Robert Triffin and Robert Nathan showed their concern by wearing BATH (for "Back Again to Hoover") buttons...
...help producers of appliances, carpets and furniture; a quick tax cut would give the recovery more speed. And if inflation rates do turn down, as the economists expect, increased wages by midyear should be pushing incomes up faster than prices for the first time in more than a year. Okun warns, however, that the chances of this scenario's turning out to be too optimistic are greater than its chances of being too pessimistic. "I manage to squeeze out an upturn in the fourth quarter," he says, "but I wouldn't put much probability...
Arthur M. Okun, senior fellow of the Brookings Institution, and Murrary L. Weidenbaum, professor of Economics at St. Louis's Washington University and a former Nixon administration assistant secretary of the Treasury, joined Eckstein in the budget committee presentation...
WAGES, in the absence of controls, will continue spiraling. Workers everywhere will try to keep up with soaring food prices and the aftereffects of heightened fuel prices, which seem now to have peaked, yet continue to pull up other prices. Okun sees some of the biggest increases coming in nonunion sectors, as employers voluntarily pay more out of a sense of obligation to inflation-wounded workers and then pass the costs on to customers. In any event, says Pechman, some form of reasonable restraint is needed now in the form of direct and selective intervention by Government, or by next...
...economists discerned some hopeful signs. Okun, for example, foresees reduced capital demands in some areas, thus helping to alleviate capital shortages. Even the energy squeeze probably means that less money will be spent on highways and refineries. But the U.S. economy in many ways faces its severest test since the Depression, and its recovery to robust health more than ever rests on discipline and patience and a finely tuned balance between needs of public and private sectors. Speaking of the crusade against the self-destructive force of inflation, Okun said: "I think if we fail, that...