Word: pechman
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...settle for modest wage increases. There seems little likelihood, however, that any such program will become law any time soon. Said Economic Consultant David Grove: "I haven't heard the candidates come up with a program for dealing with inflation that is very credible." Added Democrat Joseph Pechman, director of economic studies at the Brookings Institution in Washington: "In this election year the message seems to be business as usual...
...Brookings Institution's Joseph Pechman, who is a member of TIME's Board of Economists (see ECONOMY & BUSINESS) and has advised several Presidents, believes it is a good thing that the chief is not a formally educated economist. Economists are too narrow, says Pechman. "Political and social factors are needed in making policy." Every President comes to office with a lot of well-honed instincts about the people and little background in making economic policy. He must be tutored. "Most Presidents at first would really like economics to go away," says Pechman. No such luck. But no sooner...
...will be next year before the U.S. will enter a slow, fitful and anemic recovery. Said Joseph Pechman, director of economic studies at the Brookings Institution: "From the end of 1979 through the end of 1981, there will be no net growth in the real gross national product...
...economy of funds for wealth-and job-creating investment. That in turn crimps productivity and gives yet another source of upward momentum to inflation. The dilemma, of course, is that cutting taxes to stimulate investment simply balloons the deficit, which also tends to nudge up inflation. Said Tax Expert Pechman: "Unless expenditures are cut, there is simply no room in the budget for a tax cut now for another five years...
...confidence of Jimmy Carter. The Treasury Secretary was originally popular around the White House because he was a team player who defended Administration policy in public. But Carter has been warned by advisers to avoid an all-out "My Boy Bill" defense of Miller. Says Brookings Institution Economist Joseph Pechman: "Even if he continues to preside over economic policy, the President himself will naturally lose some confidence as a result of this episode." Impressions of Miller's vulnerability are already seeping into the business community. Concludes Bank of America President A.W. Clausen: "Bill Miller's effectiveness shouldn...