Word: pechman
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...resulting deficit would likely cause additional inflationary pressures. When the details of what is to be cut work their way through various congressional committees, there will be delays and compromises, as politicians come face to face with the reality of doing less for the folks back home. But Joseph Pechman, director of economic studies at the Brookings Institution, believes that total cuts will still add up to as much as $30 billion. Said he: "I would certainly give the Congress an A-minus for that...
...that the Social Security system is in trouble. At current payout rates, the Social Security trust fund could run out of money by late 1982. There was sharp disagreement, though, with the Reagan Administration's remedy. One part of it calls for limiting the benefits of early retirees. Pechman expressed concern that the proposal would mean harsh treatment for such people...
...Pechman warned that the Reagan tax cut program in fiscal 1984 would take away $150 billion in revenues from the Government, leaving no room for savings incentives or such other popular proposals as elimination of the marriage penalty, lowering the top tax bracket from 70% to 50% on unearned income and raising the standard tax deduction. Pechman predicted that the bill finally emerging from Congress would be a mix of those features plus a much smaller cut in personal income tax rates...
Economists generally agree that the Reagan defense buildup should not necessarily cause more inflation. Says Joseph Pechman, director of economic studies at the Brookings Institution: "Defense spending does not automatically add to inflationary pressures. Buying a weapons system is not economically different from buying a dam or paying somebody to teach on an Indian reservation." But after the Viet Nam experience, skeptics will be watching closely for any signs of added inflation from the new military buildup. -By Alexander Taylor...
Congress would have to be uncommonly cooperative for the budget cuts to be adopted. Said Pechman...