Word: pechman
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...Brookings Institution's Joseph Pechman, who is a member of TIME's Board of Economists, was "very, very unhappy" with the Ullman plan. He warned that it is likely to dangerously distort the job market. His point: "It encourages employers to substitute part-time workers for full-time workers and low-income workers for moderate-income workers." For example, in order to double the tax credit available to it under the plan, a company may decide to hire two marginally qualified workers at $5,000 apiece rather than one more skilled person...
...Administration. Also, though he and Carter knew each other only slightly before the campaign, he has developed a remarkable rapport with the President. Economists who have attended meetings with both say they have rarely seen two men take to each other so instantly and completely. Says Joseph Pechman, a member of TIME's Board of Economists: "There is this chemistry. The President listens more intently when Charlie talks and seems to understand immediately...
...regard him as a sort of utility infielder, considered him for several Cabinet-level posts, including Treasury and Defense, before deciding to make him chairman of the Council of Economic Advisers. Colleagues who have watched Schultze and the President-elect work together are struck by their rapport. Says Joseph Pechman, an informal Carter adviser and a member of TIME'S Board of Economists: "When Charlie talks, Carter listens. There's a special chemistry between them...
...that even this tepid performance will not be achieved unless the new Administration pumps more money into the sagging economy. Walter Heller, one of three members of the Board of Economists who have attended long meetings with Carter since the election−the others are Arthur Okun and Joseph Pechman− predicts a 4.5% rise in real gross national product next year, but only with sizable stimulation of the economy by Washington. Without it, he says, the increase might be as little as 3.5%. Republican Murray Weidenbaum of Washington University in St. Louis has come around to favor...
...business and labor leaders in general terms to make sacrifices for the sake of noninflationary growth. He also forecasts a highly informal "prenotification" standard−a request that businessmen and labor leaders inform the new President privately of planned wage and price hikes and discuss their justification in advance. Pechman, director of economic studies at Brookings, urges that Carter appoint a new chairman of the Council on Wage and Price Stability, who would vigorously denounce excessive wage and price hikes...