Word: pechman
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...imbalance in public finance was foreseen as long ago as 1960 by Walter Heller, President Johnson's principal economic adviser, and by Joseph Pechman of the Brookings Institution, who chaired a presidential task force that looked into tax problems. Their recommendation: a direct "skimming" of federal tax moneys, perhaps an amount of 1% to 2% of the U.S. budget, for the use of the states as their officials see fit. The idea was shelved by L.B.J. in favor of sharply increasing New Deal-style federal grants-in-aid that were limited for use in education, manpower training or some...
...JOSEPH PECHMAN, director of economic studies at Brookings...
Joseph A. Pechman, director of economic research at the Brookings Institution...
...production dropped as much as 15%, corporate profits fell 21% to 30%, and unemployment rates hit peaks of 6% to 8%. Heller says it is a toss-up whether the situation the board majority foresees should be called a recession; he suggests "mini-micro recession." The important thing, adds Pechman, is that 'the U.S. is experiencing "a policy-induced pause" because of severe monetary and fiscal restraint on a naturally ebullient economy, rather than the more dangerous type of recession that is caused by basic weakness in business...
...inadequate as well as overdue. David Grove argues that the Reserve Board should aim for a money-supply increase averaging 3% to 4% at an annual rate over the next six months. Other members disagree only over whether the Reserve Board should reach that target gradually, as Heller and Pechman prefer, or immediately, to make up for having been too stringent too long, as Sprinkel and Okun urge...