Word: penner
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...Penner becomes director of the Congressional Budget Office...
...Alice Rivlin has had the thankless task of telling Congress how big future budget deficits will be and proposing various alternatives, most of them politically unpalatable, for reducing the shortfall. After eight often frustrating years, Rivlin, 52, last week turned that role over to Rudolph G. Penner, 47, a conservative Republican economist with a strong distaste for deficits...
Rivlin's final forecast showed the budget gap hitting a record $207 billion this year and then falling gradually to about $145 billion in 1986. Penner's predictions may turn out to be gloomier. Before being named to the CBO post, he warned that if Congress takes no action to curb the deficit and another deep recession hits, the shortfall could reach $300 billion by the late 1980s. While Penner favors cuts in federal spending to help close the budget gap, he also argues that tax hikes are unavoidable. Says he: "The only real questions are how much...
...Penner brings impressive credentials to the CBO. As chief economist for the Office of Management and Budget during the Ford Administration, he learned how to find his way through the thick forest of figures in the budget. After President Ford lost the 1976 election, Penner joined the American Enterprise Institute, a conservative research organization in Washington, and became a leading expert on tax policy. Says David Stockman, the Reagan Administration's Budget Director: "Penner is the best available person for the job at CBO. He's experienced, knowledgeable and technically sound...
...been growing at a 13.5% annual rate, despite a $3.2 billion drop reported last week. That pace could eventually overheat the economy and spark a new run-up in prices. The Fed's announced target range for M1 growth for the year is 4% to 8%. Says Rudolph Penner, an economist at the American Enterprise Institute: "If there's no clampdown on the money supply very soon, inflation will be back next year with a vengeance." Already, there are signs that inflation may be starting to creep back up. The Government announced last week that consumer prices...