Word: pechman
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...Joseph Pechman, a leading tax-reform authority who drafted much of McGovern's current program, argues forcefully that in the long run the level of investment depends not on tax rates but on the vigor of the economy. That contention illustrates a profound difference in philosophy: broadly speaking, Nixonians view investment as the most important force powering economic growth, while McGovernites give priority to consumer spending. McGovern himself has quoted John Kennedy's remark that "a rising tide lifts all the boats." But Treasury Secretary Shultz had a ready reply: "We must be careful...
...Industrial production, to take one presently strong indicator, has not yet expanded enough to top 1969 levels. In brief, the economy is moving at a good rate in the right direction, but, as a result of the recession, it is still appreciably below where it might be. Said Joseph Pechman: "The recovery is proceeding, but there is no evidence that it is getting out of hand." Even so, the Administration's policymakers are talking increasingly about the possibility of having to take steps to keep business from overheating and inflation from reigniting. Herbert Stein, the President's chief...
...Kudos to Economists Pechman and Heller for theorizing solutions to our public service woes through major adjustments of taxes and expenditures. Now all we need is a sequel in your Behavior section telling us how our politicians can be psyched into proposing and passing the enabling legislation...
...Joseph Pechman, one of the nation's leading...
Where will most of the money come from? Probably from the pockets of middle-income citizens. Says Joseph Pechman, a member of TIME'S Board of Economists: "The very rich and the very poor now have the biggest tax burden. If we are going to have needed public programs, we're going to have to raise taxes on everybody above the poverty line." Laurence S. Ritter, a New York University finance professor, estimates that to underwrite the costs of improving U.S. society, the average tax bite would have to be increased $300 per family...