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DOCUMENT RESUME
00265 - [A0590654]
Economic Outlook Report: The Current Pause in the Economy and
Future Policy Options. December 3, 1976. 6 pp.
Report.
Issue Area: National Productivity (2900).
Contact: Program Analysis Div.
Budget Func'ion: General Government (800).
The decline in the growth of output in the economy has
been reflected in measures of labor force utilization since the
early sumier of 1976. In August, the labor fcrce participation
peaked and since then the number of persons in the labor force
actually declined. Inflation has continued to ease. With the
exception of residential housini, the major sectcrs of the
economy are sluggish. The Government sector continues to spend
at about its previous levels. Professor Lawrence Klein of the
Wharton Econopetric Forecasting Services has suggested the
following policy options: (1) a capitation grant of $50 per
person; (2) a 5.85 percent reduction in income tax withholding;
(3) a monthly geometrically declining adjustment to income tax
vitiholding; and (4) expediture programs consisting of either
increasing military procuremenv and/or increasing grants-in-aid
to State and lical governments. It is generally assumed that the
President-elect will sunport such economic stimulus policies.
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