Word: lesters
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Some board members, though, felt that the more conservative Congress elected in November could make many of the changes the President will request. Said M.I.T. Professor Lester Thurow: "Reagan may get a lot more of these budget cuts than you would believe based on past experience." Thurow, who was a presidential campaign adviser to George McGovern in 1972, maintained that even liberal Democrats had a reason for supporting the cuts. Said he: "Many Democrats are inclined to let Reagan have what he wants. Then, if the economy is still in a mess in the election years...
Other professional economists, however, claimed that it was Kudlow and Rutledge who were misleading people. M.I.T.'s Lester Thurow derided their whole approach on the ground that the two economists were asking people to accept their predictions without revealing how they had been calculated. Said he: "These numbers are being thrown out of a black box. Normally, whether it is a conservative or a liberal Administration, somebody has a chance to complain about the evidence, meet the people face to face, and argue about whether it's right or wrong. These two guys are throwing out projections without...
...your story "The Biggest Challenge" [Jan. 19], Lester C. Thurow, a member of the TIME Board of Economists, criticizes the Kemp-Roth tax cuts. He says "the average American saves 4% of his income and consumes 96%." He doesn't mention that the Government takes 30% of the middle-class income, leaving the remainder to be consumed by the banks for mortgages, the oilman for heat, the utilities, not to mention the grocery store, clothes, doctor or dentist. We have federal tax, state tax, Social Security tax, school tax, town tax, gas tax, sales tax. Wouldn...
...Raiders boast a parallel on defense, Ted Hendricks, the Mad Stork. Together with "Dark Days" Lester Hayes--who recalls Dick "Night Train" Lane, having picked off 18 passes in 19 games--Hendricks will vanguard the Raiders' effort to eviscerate the birds...
...everyone agrees that inflation is a grave problem, why is it so difficult to stop? One reason is that while people like to rail against rising prices, many also derive some handsome benefits from it. They have in effect become a constituency for inflation. Says M.I.T.'s Lester C. Thurow. a member of the TIME Board of Economists: "Suppose you told small businessmen that you could wave a magic wand and bring the inflation rate to zero. They would think about it for a minute and say no. They have made some fixed commitments in loans and inventories that...