Word: pechman
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...later this year, the long bearish stock market should rise. The time is not yet at hand, warn TIME'S economists, who recommend putting investment money into high-yielding Treasury bills until the recession bites. Even then, the bulls may not let out a full-throated roar. Warns Pechman: "The fact that we are suggesting that late this year may be a time to buy equities does not mean that equity prices will go through the roof." But, says Beryl Sprinkel, "the cheapest assets in this world today are U.S. stocks...
...Joseph Pechman of Brookings: "The President's program substantially increases the probability of a recession very soon...
...Joseph Pechman of Brookings: "The President's program substantially increases the a recession very probability of soon...
...chance of winning wage-price restraint. In Okun's view, the risk in not adopting a tough guidelines policy is worse: negotiations next year in the construction, auto and trucking industries could result in a wage explosion that would push inflation firmly back to double-digit rates. Joseph Pechman, director of economic studies at the Brookings Institution, adds that the White House could improve chances for labor compliance by promising that if prices rise beyond the guidelines, income tax rebates would be granted to any workers who were hurt because their unions had settled for modest wage boosts...
Whether that or any foreseeable approach would work is unknowable. Calculating the effects of possible tax changes on business investment decisions is one of the most arcane of arts. Brookings Economist Joseph Pechman, a liberal, points out that one goal of economic policy should be to increase productivity. But, he insists, it is impossible to know what kind of tax changes, if any, would do that, be cause economists are most uncertain what is causing the current slowdown in productivity. His view was disputed by several other speakers, but Pechman has a point: Congress is unlikely to find the best...