Word: sprinkel
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...Beryl Sprinkel, the chairman of the President's Council of Economic Advisers, had reason to gloat a bit last week. For months he had been arguing that the U.S. economy would bounce back strongly from its poor performance during the first half of the year. Many private economists dismissed his forecast as predictable optimism from a White House cheerleader, but now it appears that Sprinkel may have been right. The Government said last week that the gross national product expanded at a 4.3% annual rate during the July-September quarter. That was far better than the 1.1% growth rate...
Cautious forecasters point out, however, that the boom machine still has a few weak spots. The oil bust, for example, has threatened the stability of energy firms and banks in the Southwest. "There are always things that can go wrong," concedes Beryl Sprinkel, chairman of President Reagan's Council of Economic Advisers. "But I'd say they are minimal at the present time, and the things that can go right are pretty evident...
Business groups contend that the increased labor costs from any hike jeopardize hundreds of thousands of jobs. Union leaders counter that such claims are exaggerated. Economists are of no help in resolving the dispute. Beryl Sprinkel, chairman of the Council of Economic Advisers, says a $4.65 base rate would eliminate 600,000 jobs, cost consumers $13 billion more a year and add $2 billion to the deficit. The Congressional Budget Office has projected that 500,000 jobs would be lost. But Economist F. Gerard Adams of the University of Pennsylvania argues that a higher minimum wage would cost no more...
...approaching the threshold at which it begins to spur wage and price increases. Says he: "I like an unemployment rate of 5.3%, but if it goes below 5%, then I would be concerned." Yet other economists think the work force can readily accommodate the scattered shortages. Says Beryl Sprinkel, chairman of the President's Council of Economic Advisers: "We have a flexible labor market. Individuals do move from areas of temporary surplus into areas of so-called shortage...
Proxmire also cited criticism of the Fed in the Economic Report of the - President issued two weeks ago, which was prepared under the direction of Beryl Sprinkel, chairman of the Council of Economic Advisers. The report contends that overly tight Fed policies resulting in a rise in interest rates last year were partly responsible for the October stock-market crash...