Word: pechman
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...economic community is thinking about and pointing out future trends." (Current members: Otto Eckstein of Harvard University, Martin Feldstein of the National Bureau of Economic Research, Alan Greenspan of Townsend-Greenspan & Co., Walter Heller of the University of Minnesota, James McKie of the University of Texas and Joseph Pechman and Charles Schultze of the Brookings Institution.) Two of the board's distinguished alumni are currently high officials in the Reagan Administration: Murray Weidenbaum, chairman of the Council of Economic Advisers (the fifth board member to serve in that position), and Beryl Sprinkel, Under Secretary of the Treasury...
...year. But intense upward pressure on rates will come from strong federal borrowing. The economists agree with the Congressional Budget Office that without new budget cuts, the deficit will reach about $65 billion next year, some $23 billion more than the White House has predicted. Said Joseph Pechman, director of economic studies at the Brookings Institution in Washington: "The financial markets are telling us that the Administration deficit forecasts...
...Something of a minor miracle," said Michael Evans, a Washington, D.C., economist. "Fiscal graffiti" and "a huge disaster" were the capsule descriptions offered by Economist Joseph Pechman of the Brookings Institution. Both men were referring to congressional approval last week of the Reagan-endorsed tax bill. Reaction to the program ranged from sheer delight to unspeakable horror; business leaders were generally pleased, while angry labor chieftains charged that the program was a giveaway to the rich...
...some critics have grave doubts that that will occur. One of them is Brookings' Pechman, who says that the cut, together with all the other goodies tossed into the package, will only increase the federal budget deficit without contributing to increased productivity. Says Pechman: "The zeal to cut taxes is so great that they [Congressmen] don't pay attention to the deficits." Among businessmen there seems to be a consensus that the first small returns from the cut will be spent and not saved: they will, after all, appear in paychecks some time before Christmas, and some retailers...
...poor, claim Pechman and others, will be hurt since their benefits from the tax cut may be more than offset by cutbacks in funding for social programs that are incorporated in the budget portion of Reagan's agenda. Last week the Joint Committee on Taxation noted that about 35% of the total dollars in tax cuts will go to 5.6% of the people, those making $50,000 or more a year, while 31.7 million taxpayers earning $15,000 or less will get only 8.5% of the 1982 cut. The Administration's reply is that only those who earn...