Word: pechman
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...home of his own has now come to look on it as a sort of savings account that one can live in. The result, he said, is that people have been increasingly willing to dip into their nest eggs or go into debt to support their living standards. Joseph Pechman of Washington's Brookings Institution, on the other hand, suggested that much of the shopping splurge has been attributable to a consumer compulsion to buy now before prices shoot into orbit. Yet Brookings Economist Arthur Okun noted that considerable spending has been for goods like furniture and clothing, which...
...January rose an unexpectedly sharp 2.3% over the December level, and the board now foresees no downturn in the first quarter at all. After a very mild 1.7% overall decline, the members expect a return to real growth by early 1981. Indeed, some board members, including Wenglowski and Pechman, are beginning to wonder whether anything worthy of being called a recession is likely to develop...
...restrain the expansion of both money and credit in the economy and hold price rises in check. Yet one board member after another agreed that much of the budget, which Carter projects to reach $616 billion with a deficit of $15.8 billion, is already expanding out of control. Said Pechman bluntly: "Fiscal policy is simply too loose in this situation; it is bordering on the irresponsible...
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...
...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...