Word: weidenbaum
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Gauging A.E.I.'s influence is difficult, as the institute concentrates on trying to develop conservative economic and political ideas, and rarely takes a formal position on particular measures. But institute members can point to some specific successes. Sharp criticism by Murray Weidenbaum, an A.E.I. fellow and member of TIME'S Board of Economists, helped kill a 1975 proposal by then Vice President Nelson Rockefeller to pour $100 billion of federal money into an emergency energy program. Earlier this year the institute insistently pointed out what it saw as the bureaucratic dangers of the proposed Agency for Consumer Advocacy...
...from satisfied with Carter's energy proposals are the Republican members-Alan Greenspan, who was President Ford's chief economic adviser; Beryl Sprinkel, executive vice president of Chicago's Harris Trust & Savings Bank and Murray Weidenbaum of St. Louis' Washington University. Their main complaint: the program's failure to put enough emphasis on increasing energy supplies by eventually lifting all controls on oil and gas and letting the market determine prices. Says Sprinkel: "It's backward economics. We're not allocating enough resources for investment." In addition, Greenspan fears that the program will...
Existing legislation allows Carter to act on some of these proposals immediately. But as a courtesy he is submitting them to Congress, where reaction seems favorable. There is some outside criticism. Murray Weidenbaum, a member of TIME'S Board of Economists, thinks that the President should have provided incentives to businessmen for on-the-job training of youths. More basically, he complains that Carter "has failed to come to grips with the fundamental factor behind teen-age unemployment-the minimum wage law." The AFL-CIO is now campaigning to have the $2.30-an-hour pay floor raised...
...Carter since the election−the others are Arthur Okun and Joseph Pechman− predicts a 4.5% rise in real gross national product next year, but only with sizable stimulation of the economy by Washington. Without it, he says, the increase might be as little as 3.5%. Republican Murray Weidenbaum of Washington University in St. Louis has come around to favor a $10 billion tax cut and says the question now is "not if, but how much...
Conservatives Weidenbaum and Beryl Sprinkel, chief economist of Harris Trust & Savings Bank in Chicago, argue that any tax cut should be permanent. Such cuts, says Weidenbaum, would "serve as a useful restraint" on proponents of "vast new expenditure programs." At the same time, he says, permanent cuts would encourage consumers to spend more money over the long run because they would have more money to keep. Monetarist Sprinkel concurs, but questions what real good any tax cut will do. "We have a $1.8 trillion economy," he says. "If anybody thinks a $10 billion or $12 billion change in taxes will...