Word: pechman
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...that an appropriate policy? Republicans Sprinkel and Murray L. Weidenbaum, former Assistant Secretary of the Treasury, say yes: they think that the recovery now in prospect is the fastest that the U.S. can afford without kicking up inflation. Democrats Heller, Okun and Pechman insist that there is so much slack in the economy that a more expansionary policy would speed recovery and bring the jobless rate down faster while producing little or no added inflation. Yet Pechman concludes resignedly that in the present political climate, an extension of the 1975 tax cut and a money supply growth within Federal Reserve...
Despite its difficulties, the U.S. seems well on its way out of recession. Most members of the TIME Board of Economists are concerned about the latest rise in prices and joblessness. But even such inveterate critics of Administration policy as Walter Heller, Arthur Okun, Joseph Pechman and Otto Eckstein are satisfied that recovery is about on schedule, at least for now. Says Okun: "If anything, people are revising the level of their forecasts upward from last summer...
...Germans 20 per cent, the French 18.2 per cent, the British 15.2, the Italians 14.4--and the United States only 13.6 per cent. This relatively low investment rate, according to Simon, is the reason America's growth rate is "among the lowest of the major industrialized nations." Economist Joseph Pechman of the Brookings Institution disagrees. International comparisons are irrelevant, says Pechman; other countries have been investing more because they have had to; they were behind economically, and trying to catch up. That is also why their growth rates have been higher--they had lower starting points. In other words...
...Simon also rails against what he calls the "disincentive to invest of double taxation of dividends." He means that first the money is taxed as corporate profits. Then it is paid out and taxed again as personal income. One of these should be eliminated, says Simon. Economists like Joseph Pechman and Michigan's Harvey Brazer see no such imperative. Brazer told the House Ways and Means Committee in its June tax reform hearings...
Brazer says that corporate taxes have been cut and cut again. Pechman calculates that the effective corporate tax rate has been reduced from around 40 per cent in the early 1950's to less than 30 per cent today. "Yet," says Brazer, "we apparently are still suffering from the ills we suffered from...