Word: pechman
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Liberals Heller, Okun, Pechman and Nathan all urge some kind of "incomes policy"-essentially, presidential pressure on companies and unions to hold down wage and price boosts. Conservatives argue that that policy would only cover up inflation, and Grove, a nonpartisan who tends to liberal views, this time agrees. Wage-price guidelines, he thinks, would actually speed up inflation temporarily. Companies and unions would be tempted to get all they could while the guidelines were being formulated...
...Administration's target range. Okun noted with satisfaction that in the last eight months of 1976 the economy was creating an average of 125,000 new jobs a month, while in the first four months of this year the rate has speeded up to 325,000. Said Joseph Pechman, director of economic studies at Brookings: "The rest of the year...
...with Council of Economic Advisers Chairman Charles Schultze, who urged him to hold the increase to 6%. Last week U.S. Steel did so, and the rest of the industry fell into line. Several Board of Economists members nonetheless view such gentlemanly jawboning as inadequate to stop inflation. Nathan and Pechman predict that a disappointed President will eventually move to far more vigorous and public intervention in wage-price disputes...
Discontent with anti-inflation policy is only one part of the general liberal unease about Carter's economic performance. Heller, Nathan and Pechman believe that the economy could use still more stimulus to bring down unemployment faster. They note that Carter is now proposing a fiscal 1977 budget deficit of $48.7 billion-$8.5 billion less than the one projected by Gerald Ford...
Most emphatic in support of the energy package is Joseph Pechman of Washington's Brookings Institution, who has repeatedly urged the adoption of two of the program's main elements: an additional federal tax on gasoline and an excise tax on big gas-gulping cars. Pechman concedes that the plan will add "moderately" to the inflation rate, but contends that somewhat higher prices are part of the cost the nation must pay to resolve its "most serious problem." The program should have little or no impact on economic growth, Pechman asserts. Harvard University's Otto Eckstein also...