Word: okun
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Dates: during 1970-1979
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...determination to press ahead simultaneously with costly social programs and a costly war?without raising taxes to pay for them. Johnson's economic advisers began calling for a tax increase in 1965, arguing that war spending was mounting much faster than the Pentagon was willing to admit. Arthur Okun, then a member of the President's Council of Economic Advisers, recalls glancing skeptically over one set of military-cost estimates marked "For internal consumption only" and penciling in the margin, "but not to be swallowed." Nevertheless, fearing the political onus of a war tax, Johnson held off seeking it until...
...demogrant" to everybody-even though the proposal was meant to replace some existing welfare programs- McGovern excited the social reformers, who are a minority in America, while deeply offending multitudes who thought it contradictory to the work ethic (see THE ESSAY, page 96). As economist Arthur Okun, a McGovern adviser , puts it. "The things that helped him win the division pennant have hurt him in in the World Series." When McGovern belatedly buried the demogrant idea in August, he alienated many more people, who decided that in the realm of economics he simply does not know what he is talking...
Unemployment remains a problem. It has been hovering around 5.9% for the past 18 months, and Board members do not anticipate much improvement. Brookings Economist Arthur Okun predicted that the rate would not dip to 5% until August 1973. Employers are cautious about rehiring, figuring that they will be able to draw from the large pool of jobless talent for a long time to come...
...Democratic presidential candidates rushing to call for tax reform? According to Democrat Arthur Okun, who was chairman of the Council of Economic Advisers under President Johnson, they are responding to the voters' rising resentment against the present inequality of income distribution. This preoccupation with "fair shares," Okun says, is as much the result of the recent recession as an honest concern about fairness. But he fears the divisive effect of too much emphasis on tax reform and income redistribution during the election. He explained his concern at a recent meeting of TIME's Board of Economists...
...trouble ahead, notably in the critical areas of jobs and prices, gives Richard Nixon scant room for comfort in an election year. Yet there is compelling evidence that the economy is making sturdy progress toward recovery, and is likely to gain speed in the months ahead. Says Arthur Okun, a member of TIME'S Board of Economists: "The news that the economy is moving at a good clip now is a fact, not a forecast...