Word: pechman
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...Joseph Pechman...
...Robert Triffin noted that industrial production is still 6% below its peak in 1969, that orders for durable goods dropped in September, and that the savings rate has stayed high, indicating continued doubts among consumers, whose spending is necessary to produce a sharp rebound in business. Said Economist Joseph Pechman, a member of TIME'S board: "Except for auto sales and residential construction, this economy is still stuck...
Many economists and businessmen, however, were more inclined to stress the indefinite nature of much of the program. "Until I see the flesh on the skeleton, I can't tell whether the girl is beautiful or not," quipped Arthur Okun, former chairman of the Council of Economic Advisers. Joseph Pechman, director of economic studies at the Brookings Institution, complained that Nixon "is providing machinery, but not yet a policy for restraining wages and prices." In the judgment of George Sheinberg, treasurer of Bulova Watch Co., the impact of the program "is going to depend almost entirely on the people whom...
...JOSEPH PECHMAN, director of economic studies at the Brookings Institution...
...under President Kennedy in the 1960s. From 1962 to 1965, the tax credit and other tax reforms increased jobs without stirring inflation; annual economic growth climbed from 2.3% to 6.3%, and unemployment dropped from 6.7% to 4.5%. "But there are differences between today and ten years ago," says Joseph Pechman, chief of economic research at the Brookings Institution, who prefers the tax credit without the ADR. "Now we have low capacity after a long period of investment boom. Back then we had low capacity after a long period of low investment. We needed the combined stimulus of rapid depreciation...