Word: tippings
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There is something in politics called "class." It has little to do with pedigree, money, dress or good looks. Instead, it is the essence of the man. Thus the colleagues of big, blustering House Speaker Tip O'Neill, from the back streets of Cambridge, can hail him as "a classy guy." And thus did John F. Kennedy so devastatingly sum up his 1960 victory over Richard Nixon: "He's got no class." Franklin Roosevelt had class. Warren Harding did not. One of the maladies of the Carter Administration these days seems to be lack of class. Class...
Small wonder that economists are looking for some new treatments. The most imaginative thinking on how to ease inflation without causing dangerous side effects centers on two plans known by the acronym TIP, for tax-based incomes policy. Both call for a system of federally set guideposts,* and would use federal taxes as a means of discouraging large wage settlements. The main difference between the two plans is that one would employ a stick, the other a carrot...
...TIP plan that offers a tempting carrot was conceived by Arthur Okun, a Brookings Institution senior fellow and a member of TIME'S Board of Economists. In April. Brookings will hold a two-day closed-door seminar of economists to debate the Okun proposal; an open meeting of business and labor leaders is planned for midyear. Participation in his plan would be voluntary, but companies that held wage increases to 6% or less and price increases to 4% or less would be granted a 5% rebate on their federal income taxes. As an inducement for their cooperation, employees in such...
...presidential economic adviser, wanted to adopt it. But then the Business Roundtable, which is composed of corporate chief executives, denounced it as unworkable, and labor leaders argued that it placed unfair restraint on collective bargaining. Thomas G. Moore, a senior fellow at Stanford's conservative Hoover Institute, dismisses both TIP plans as "gimmicks." Says he: "They are just a hidden form of wage and price controls, pure and simple." Barry Bosworth, President Carter's chief of the Council on Wage and Price Stability, complains that the Okun plan would require a whole new bureaucratic machinery and floods of forms...
Okun concedes he has not worked out all the details, but he argues that his plan is not a form of concealed controls. Further, he maintains that the reporting procedures would not necessarily be more complex than those envisioned for the home-insulation tax credit. "TIP would be better," he says, "than the inequity and inefficiency of continued stagflation...