Word: weidenbaum
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...weaknesses, the Pentagon is going to have to build up the quality of the nation's 2 million-strong armed forces in the early 1980s. But that will require pay increases well above the 7.4% in raises now budgeted for fiscal 1981. Said Washington University's Murray Weidenbaum: "The budget projections on this point through 1983 are totally unbelievable. The Administration has personnel expenditures rising only $500 million in fiscal 1982, or a mere 1.5%, and even less the following year...
Economists Weidenbaum, Greenspan and Pechman each estimated that increased defense outlays next year will boost fiscal 1981's defense spending by more than $7 billion, to about $150 billion. Said Sprinkel: "It may not be a guns-and-butter budget, but it is at least guns and margarine...
...cure but a disease that institutionalizes inflation, added Okun. He estimates that "if all payrolls were indexed instead of the roughly 15% that are now, the consumer price index would have risen more than 20%, not 13%." Inflation is only one consequence of increasing energy costs, said Economist Murray Weidenbaum, a visiting scholar at the American Enterprise Institute. He believes that U.S. industry's reasonably successful drive to restrict energy consumption may be hurting productivity because companies are reducing the use of energy-gulping machines...
...lower today than they were at the beginning of the year. Like theologians discussing how many angels can dance on the point of a needle, economists may argue tirelessly whether there really was a recession in 1979 and when it arrived. But there are many who echo Economist Murray Weidenbaum: "A year from now we will not be debating whether or not we had a recession. It will be clear...
John Connally: The business community's favorite candidate has put together the most comprehensive program. About a dozen right-leaning economists, including Charls Walker, Murray Weidenbaum and Albert Cox, are threshing out positions for him on everything from a value added tax (he sees merit in the idea but thinks it falls too harshly on those who earn the least) to a constitutional limit on spending (only "as a last resort"). Connally favors faster write-offs for capital investment, proposes large new jolts of defense spending and wants deep, budget-wide cuts in just about everything else, basically...