Word: sprinkel
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Critical Point. The more conservative economists on TIME's Board feel Ford is just about on target. "I feel comfortable about the move," says Murray Weidenbaum of Washington University. Argues Beryl Sprinkel of Chicago's Harris Trust & Savings Bank: "We are devoting 40% of our national income to Government, and that's too high. High spending means high taxes, and that means less left for the private sector...
...index, and a hair less than that by year's end. That would contrast with a 7.6% increase in retail prices in the twelve months ended last October and a horrifying 11% in 1974. On this one point, however, there are some serious disagreements in the predictions. Beryl Sprinkel, executive vice president and economist of Chicago's Harris Trust & Savings Bank, sees the end-of-1976 inflation rate at a low 5%; Robert Nathan, head of his own consulting firm, forecasts a startlingly high...
...that an appropriate policy? Republicans Sprinkel and Murray L. Weidenbaum, former Assistant Secretary of the Treasury, say yes: they think that the recovery now in prospect is the fastest that the U.S. can afford without kicking up inflation. Democrats Heller, Okun and Pechman insist that there is so much slack in the economy that a more expansionary policy would speed recovery and bring the jobless rate down faster while producing little or no added inflation. Yet Pechman concludes resignedly that in the present political climate, an extension of the 1975 tax cut and a money supply growth within Federal Reserve...
...disagreement over inflation leads to another debate that is muted now but will grow much louder during the election year: Where is the economy headed after 1976? No one would be satisfied permanently with the pattern of high (though declining) unemployment and inflation foreseen for next year. But Sprinkel and Weidenbaum see the year as a bridge to a long-term pattern of balanced, sustainable growth-if moderate fiscal and monetary policies are pursued until what they see as a promising start on wringing inflationary momentum out of the economy is carried through to conclusion. Sprinkel argues that it took...
Critics also argue that the EIA would thrust heavy new demands into capital markets, either by borrowing or by having the Treasury borrow for it, thus crowding out private borrowers and fanning inflation by pushing up interest rates. Republican Banker Beryl Sprinkel, a member of TIME'S Board of Economists, adds that the Government should let the free market decide which energy-development projects are worth financing and which...