Word: pechman
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...Nixon Administration expects it to be. Corporate profits after taxes will drop 5% to 9% below the $50.8 billion of 1969, and unemployment could rise to a peak of 4.5% to 5% late in the year, just about what CEA Chairman McCracken also seems to expect. Okun, Joseph Pechman and David Grove generally support Heller's forecast,* though they disagree on some details. Okun and Pechman, for instance, forecast a 3% to 6% drop in after-tax profits this year...
Otto Eckstein $992 1.9% 4.4% 6.3% 4.3% 4.6% David Grove $981.3 .9% 4.3% 5.2% 4.4% 4.8% Walter Heller $988 .2% .4% .6% 4.3% to 4.5% 4.7% to 5% Robert Nathan $980 1.5% 4% plus 5.5% 4.5% minus near 5% Joseph Pechman $990 2.2% 4% 6.2% 4.5% 4.8% Arthur Okun $987 2% 4% 6% 4.5% minus 5% to 5.5% Beryl Sprinkle $966 none...
...PECHMAN: The Administration has a role to play in price policy in the vast number of enterprises that are subject to Government regulation. We have hardly begun to make a national policy for these regulated industries...
...half the rate on ordinary income, and no more than 27½% in any case. Defenders of capital gains have a compelling argument: people must be encouraged to take risks with capital if a private economy is to thrive. On the other hand, many experts agree with Economist Joseph Pechman of the Brookings Institution, who holds that the present ceiling is too low. To discourage speculation in securities, the holding period might be extended from six months to one year. Congress also needs to redefine and limit the scope of investments eligible for capital gains. They now include not only...
...Pechman shares honors in influence with Paul Samuelson, 49, M.I.T.'s globe-hopping author of a bestselling university economics text and a close adviser to Johnson-as he had been to Kennedy...