Word: feldstein
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...drop in national production, or a 25% jobless rate-the experiences of the 1930s that gave the word depression its menacing ring. Indeed, if the current downturn ever approached such severity, the great majority of economists are confident that the Government could forestall a repeat. Says Martin Feldstein, president of the National Bureau of Economic Research: "If we really found ourselves falling off a cliff, there is very little disagreement about how to get ourselves back. We have the right tools to overcome a depression...
...Democrats and Republicans, liberals and conservatives. Said Democrat Otto Eckstein, a Harvard professor who was an economic adviser to President Johnson: "Reagan's economic policy is an off-the-wall approach that rejects conventional wisdom. We're running an incredible experiment with these deficits." Conservative Martin Feldstein, president of the National Bureau for Economic Research, observed, "The Administration has put itself in an impossible position." Even Republican Alan Greenspan, a New York consultant and sometime adviser to Reagan, admitted that the outlook was "extraordinarily bleak...
...unsold goods will have exhausted excessive stock and begun to increase output again. In July a scheduled 10% cut in personal income taxes could give a boost to consumer spending. Recovery, though, will be painfully slow. "We may just have a long, flat bottom with very little growth," said Feldstein, adding wryly, "Only professional economists will know that the recession is over." Even by year's end, according to the board's forecast, unemployment will still hover at 8.7%. Growth in the gross national product is expected to accelerate gradually from 1.8% this year...
...Reaganomics altogether and starting over would be a good remedy for the current economic problems. For 20 years the U.S. has suffered from stop-go policies. As soon as unemployment started to climb, the battle against inflation ended. Then when prices began to jump, policy was reversed again. Said Feldstein: "The greatest danger is that we panic and undo all the gains we have achieved in reducing inflation and easing the burden of excessive federal spending...
...served its interests. Congressman Jack Kemp took off his football helmet and preached of his countrymen's spirit for hard work, one which the across-the-board tax cuts he proposed would no doubt sanctify. Contributing his Harvard pedigree to the cause of supply-side's credibility was Martin Feldstein. He designed models to prove that poor people save less than rich, while a college classmate of his, George Gilder, added new dimensions to the word "reactionary" with a primitive anthropology that explained why. The easiest convert was the old gunslinger himself--the untested theories gave presidential candidate Ronald Reagan...