Word: weidenbaum
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Republicans Beryl Sprinkel and Murray Weidenbaum insist that more fiscal and monetary stimuli would pep up the recovery only at the price of re-igniting inflation. The rate of consumer price increases has dropped from 12% in 1974 to 3.7% in March; that may have been a fluke, but Eckstein expects it to average 4% to 6% for all of 1976. Sprinkel, however, is concerned that a stepped-up recovery would send inflation up again in 1977, forcing the Goveminent to crack down on demand; that would cause production to fall and unemployment to rise once more...
...only four months ago. The main worry is that if the recovery fails to reduce the disastrous unemployment rate, now at 8.7%, Congress will institute new spending programs, which in turn would fuel a resumption of inflation. "We have literally sown the seed for the upturn," says Murray Weidenbaum, a former Assistant Secretary of the Treasury. "Let's not flood it with more federal spending...
...quick action by Congress. "The immediate requirement is for a tax cut," says Greenspan. "Let's get on with the tax cut," echoes James Lynn, director of the Office of Management and Budget. Adds Arthur Okun, a leading Democratic economist: "Speed is more important than size." To Murray Weidenbaum, a top Republican economist, the key question is "Do we go from slumpflation to stagflation? It is to avoid the latter possibility that some of us are pushing a tax cut even though we think the economy will go up without one." Weidenbaum favors a $25 billion reduction, the sooner...
...will have the equivalent of an extra $70 billion to $80 billion to fuel the recovery during the rest of this year, if inflation goes down to 6% or less and holds there, as a few economists predict, and taxes are reduced by more than $20 billion. Says Murray Weidenbaum: "It now seems probable that the worst may be over. The odds are that 1975, the year that began on such a pessimistic downbeat, will end on an optimistic upbeat...
Economist Murray Weidenbaum, a Republican, urges Congress to cut taxes quickly in order to stimulate demand and employment. "The Ways and Means proposal for a $100 to $200 rebate is peanuts," he says. "It's not enough to enable anybody to put a down payment on a big-ticket item. There was nothing wrong with Ford's idea for rebates of up to $1,000." Weidenbaum also recommends that the Government speed the flow of federal contracts: "Order today what is supposed to be ordered next month." Like Bunting, he is afraid that if Congress waits too long...