Word: hellers
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...Walter Heller, who served as chairman of President Kennedy's Council of Economic Advisers, likes to keep track of the words that his fellow economists and the press use to describe the business outlook. At last count, he had compiled a list of 60 adjectives applied to the emerging recovery. The tone of the list has been changing dramatically. Only six months ago, Heller says, economists were calling the recovery "weak, wobbly, puny, pokey, measly, muted and miserable." Now, however, the rebound has suddenly become "rapid, robust, snappy, surging, brisk, bullish and a barn burner...
...months ago, is snapping back from the most painful slump since the Great Depression with a vigor that is surpassing even optimistic expectations. That was the conclusion of TIME'S Board of Economists, which met last week in New York City. Said University of Minnesota Professor Walter Heller, who was chief economic adviser in the Kennedy and Johnson Administrations: "After several years of recession and stagnation, this recovery is the real thing...
...Reserve targets in recent weeks, the TIME board attributed that mainly to the shifting of consumer funds among different types of bank accounts. Some members feared that Federal Reserve Chairman Paul Volcker would look at the increase in some money-supply figures and decide to tighten credit again. Said Heller: "If Volcker forgets that it is not just our recovery that is at issue, but the fate of the debt-ridden countries and the European recovery, then we are in trouble...
...Said Alan Greenspan: "Compared with achieving arms control or peace in Lebanon, it should really be quite easy to resolve the budget crisis. All it requires is to get a handful of Americans - the political leaders of the country - behind closed doors and then get them to agree." Walter Heller suggested carving at least $100 billion out of the deficit by 1986, when it is projected to hit $239 billion...
...start with, the board members estimated that $45 billion or more could be trimmed from spending. Heller called for a $30 billion reduction in the President's 1986 defense budget of $323 billion. That proposal would still mean that 1986 defense outlays would be 72% above the 1982 level. Big cuts in nondefense spending, Greenspan suggested, might come from curbing Medicare benefits to people Other high incomes. Medicare is expected to cost $79 billion in 1986. Other prime employees include pension and disability payments for federal employees ($27 billion in 1986), income support for farmers ($13.4 billion) and loans...