Word: pechman
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...Board members' savvy has frequently been tapped by Congress and the President as well as by TIME. Tax Expert Joseph Pechman, who directs economic studies at the Brookings Institution, testified at the recent House Ways and Means Committee hearings on President Ford's tax-cut proposals. His recommendation: deepen the rebate by several billion dollars. Arthur Okun, also of Brookings, and University of Minnesota Economist Walter Heller have both served as chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson. Otto Eckstein, Harvard professor and head of Data Resources, Inc., a Cambridge, Mass., think tank...
...switch to more expansive fiscal and monetary policies to alleviate the slump. Now they believe that the Administration's budget, even with its big deficit, will do very little in a $1.4 trillion economy to revive demand, spur production and thus begin restoring jobs. Asserts Tax Specialist Joseph Pechman: "If Congress were to adopt the Ford program lock, stock and barrel, the net stimulus today would be zero." Adds Arthur Okun of the Brookings Institution: "The entire reason for that deficit is that the economy is in terrible shape, and is knocking hell out of revenues and increasing federal...
According to Joseph Pechman of the Brookings Institution, the rebate plan would not induce consumers to spend enough. The public would be inclined to buy more, he says, if personal exemptions were swiftly increased, standard deductions raised, and people were given a tax credit equal to 2% of their earnings up to $14,100 a year. Moreover, David Grove of IBM believes, the Administration's plan to divide the rebate into two payments would further weaken its stimulative impact...
...asked for a 10% across-the-board cut in 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...
...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 summer "we are going to have general wage and price controls" enforced by a huge OPA-style bureaucracy such as existed during World...