Word: weidenbaum
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...large, Republican board members-Greenspan, Sprinkel and Washington University's Murray Weidenbaum -figure that unless the Government can reduce the growth of spending and the budget deficit, Carter's latest anti-inflation campaign, aimed at jawboning down prices and wages, will fail. Indeed, Weidenbaum argues that the Administration's drive is making businessmen fearful of sterner price guidelines ahead. So they are motivated to raise now "rather than be caught with their prices down...
Inflation also has been aggravated by the deterioration of productivity, which has been rising at a weak average annual rate of 1.2% in the past five years. Government can help revive it by unpeeling excessive regulations. Weidenbaum points to a Brookings report showing that one-quarter of the potential productivity gains have been lost in recent years to just two kinds of regulations: environmental and job-safety...
...when should the tax cut take effect? Federal Reserve Chairman G. William Miller was the first to suggest putting off the date from Oct. 1 to Jan. 1, as a means of lopping $9 billion off the fiscal 1979 deficit. Republican Economist Murray Weidenbaum, an advocate of Carter's $25 billion tax cut, disagrees. Whatever reductions are enacted, he says, should take effect at the start of the Christmas-shopping season to spur retail sales and end 1978 on an upbeat note. But Miller's proposal is gaining ground...
...frightened by inflation, fear that it may bring an end to the expansion in a year or two despite Carter's tax cuts, and think the President should crack down on it by cutting federal spending and the budget deficit more than he intends. Businessmen and economists, like Murray Weidenbaum, a member of the TIME Board of Economists, consider his anti-inflation program "a puffball," and fear that the Administration is not yet sufficiently aware of how damaging a further decline in the value of the dollar could...
...unemployment. The department reports that about 90,000 people will not be hired next year because the higher wage is certain to discourage some employers from taking on additional employees. That is bad news for unskilled youths, especially black teenagers, whose jobless rate is now 37.4%. Says Murray Weidenbaum, a member of TIME'S Board of Economists: "The great majority of economists-liberal and conservative -feel that this legislation is bad economics." The business community agrees. Notes U.S. Chamber of Commerce Vice President Jack Carlson: "It's ironic that the groups most damaged by this legislation-the young...