Business: The Economic Issues

Two members of TIME'S Board of Economists have close ties to two of this year's presidential nominees. Alan Greenspan, chairman of the Council of Economic Advisers under President Ford, is now a strategist for Ronald Reagan; Walter Heller, who was President Kennedy's chief economic aide, is an occasional consultant to Jimmy Carter. During a luncheon discussion last week, the two economists debated their candidates' policies. Some highlights:

ON THE BUDGET. Greenspan: The budget is severely out of sync. Reagan's program would hold federal revenues to less than 21% of G.N.P. in 1985. Carter's...

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