Word: pechman
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Dates: during 1970-1979
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...unemployment compensation, food stamps and other social programs. While the White House officially maintains that the 1980 deficit will be about $30 billion, some of TIME'S economists expect it to approach $50 billion. The problem will continue into fiscal 1981, which begins next October. Says Joseph Pechman of the Brookings Institution: "It is a very dismal budget outlook, and there is going to be a real fight. I don't think Carter can get spending much below $610 billion and, even at that, he has got to be tight on everything...
Edward Kennedy: Though his advisers include Keynesian luminaries Walter Heller, Joseph Pechman and Arthur Okun, Kennedy is playing down his 17-year Senate record as a liberal Big Spender and emphasizing his economic "pragmatism." Last week Mobil's outspoken public affairs vice president, Herbert Schmertz, joined the Kennedy campaign staff as a top media adviser, even though Schmertz has repeatedly condemned the Senator's attacks on the oil industry. Kennedy supports the budget-paring efforts of Carter, but he fought this year to protect social spending programs from major cuts and co-sponsored legislation for such programs...
...JOSEPH PECHMAN: "Volcker is headed in the right direction," says the director of economic studies at Brookings. But Pechman fears the move will increase chances that the recession will be longer and deeper than expected. He says that "unemployment will hit 8% sooner than expected" and might go even higher. To curb inflation without pressing down too hard on the economy, Pechman wishes that the Carter Administration would institute a more vigorous wage-price policy to supplement the Federal Reserve moves. Says he: "We ought to try, somehow, to have business and labor moderate their price and wage demands...
...antidote, several board members favor a tax cut. Heller argues that an early $28 billion reduction for consumers and corporations is "the only way to fly." Joseph Pechman, head of economic studies at the Brookings Institution, agrees on the need for a prompt...
Robert Nathan, a Washington consultant, Pechman and other members are all but certain that Congress will seek to lower personal and corporate taxes next year by $15 to $30 billion. Though the President's anti-inflation wage-price guidelines have had only marginal success in holding down settlements for big unions, the majority of the board members would preserve them because they have kept wages of nonunion workers lower than they might have been...