Word: sprinkel
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Businessmen and other students of trade mostly approved of the ITC ruling, if only because they feared that restrictions on auto imports could set off an intercontinental trade war. Says Economist Beryl Sprinkel, of Chicago's Harris Bank: "Limiting auto imports would not be the end of it. If we start down that road, the whole world can.play the game...
...continue rising, as the Federal Reserve attempts to remain within its 4% to 6½% annual growth target for money. Thus just as the economy appears to be getting up off the canvas, these higher interest rates are likely to knock it down again. Said Republican Monetarist Beryl Sprinkel, chief economist for Chicago's Harris Trust and Savings Bank: "The interest-rate decline, which was getting under way and making significant progress, has been aborted." Greenspan predicted that the economy could not return to solid growth until mortgage rates declined to about 10%. He did not see that happening...
...turn, the economists found the budget bloated with new spending, much of it camouflaged by various forms of financial and fiscal prestidigitation. They saw the economy itself remaining dangerously inflated, yet in a fundamental sense growing weaker and less productive as the year progresses. Summed up Board Member Beryl Sprinkel: "The budget is far more expansionary than is consistent with anti-inflation policy...
...Administration also seemed, to Economist Sprinkel, to be "playing fast and loose with the numbers" in the budget. Example: sharp cuts are proposed for such sacred cow items as aid to education, Medicare and Medicaid funding, and the Administration's long-stalled hospital-cost containment bill. But Congressmen are almost certain to go ahead and continue providing lavishly for those pet programs anyway...
Economists Weidenbaum, Greenspan and Pechman each estimated that increased defense outlays next year will boost fiscal 1981's defense spending by more than $7 billion, to about $150 billion. Said Sprinkel: "It may not be a guns-and-butter budget, but it is at least guns and margarine...