Word: hellers
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...good fortune in the energy market. Since November the global oil-price war started by Saudi Arabia has sent crude prices sliding by about 50%. That decline will be responsible for about a third of this year's growth in GNP and will help control inflation. Said Walter Heller, chief economic adviser in the Kennedy and Johnson Administrations: "The luck of the Irish is working overtime. Now Ronald Reagan can sing, 'Almost everything's going...
...pair of megaproblems: the budget and trade deficits. Government borrowing to cover the budget shortfall could eventually send interest rates shooting back up. Also, the trade deficit could boost interest rates because the U.S. may be forced to borrow more and more money from abroad to finance imports. Heller observed that the Government's record in attacking the twin deficits has so far been "somewhere between lackluster and lousy, but 1986 really looks like a turnaround year...
Many economists support some form of energy tax as a conservation and revenue-raising measure. Heller called the drop in petroleum prices "a heaven-sent opportunity" to cut the federal budget deficit by taxing gasoline or oil. Martin Feldstein, who two years ago left his post as chairman of the Council of Economic Advisers to return to a teaching job at Harvard, has advocated a 20 cents-per-gal. levy on gasoline...
...ahead to consider the implications of last week's frenzy. They feared that cheap oil might lead to a return of wasteful ways that would make a new oil shortage inevitable at some point in the future. But the trend toward conservation will not easily be reversed. Says Economist Heller: "It would take a long, long time to go back to our old oil-guzzling habits. This could be a trap, but only if we are dumb enough to fall into...
...stock-market rally that sent the Dow Jones industrial average surging past the 1500 mark on the hope that lower deficits will bring down interest rates and spur growth. But some leading economists castigated the budget-balancing bill in the most scathing terms imaginable. "It is," said Walter Heller, who served as President John Kennedy's chief economic adviser, "economically capricious, socially unfair, militarily risky, constitutionally questionable, politically irresponsible, procedurally perverse and administratively outlandish...