Word: weidenbaum
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...million is roughly the same size it was at the beginning of President Bill Clinton's second term. And they point out that Bush has not vetoed a single bill since taking office. "It's hard to veto something from a Congress dominated by your own party," says Murray Weidenbaum, who was chairman of the Council of Economic Advisers under President Ronald Reagan, "but Bush should have been tougher on the spending side. That's been a disappointment...
...forth, is not the sole possession of Democratic politicians (who, like Republicans, don't propose to do anything serious about it anyway). Variations on this theme are played in two new books by past heads of President Reagan's own Council of Economic Advisers. Murray Weidenbaum says in Rendezvous with Reality, "We are consuming more than we are producing, borrowing more than we are saving, and spending more than we are earning. We are rapidly approaching the time when we have to pay the piper." William Niskanen says in Reaganomics, "The federal budget reflects a fundamentally schizophrenic preference -- for federal...
...members of the board, which is carefully chosen to represent diverse economic and political viewpoints, has become something of a regular activity during the past decade. Since the board was founded in 1969 to swap views on economic trends with TIME's editors, four members -- Greenspan, Murray Weidenbaum, Martin Feldstein and Beryl Sprinkel -- have left to serve as chairman of the Council of Economic Advisers. Jokes Alexander: "We're running out of economists to give to our country." Three other board members -- Walter Heller, Arthur Okun and Charles Schultze -- served as chairman before joining the TIME group...
...Reagan Administration, though, the CEA has had little clout. The first chairman was Murray Weidenbaum of Washington University in St. Louis, who resigned after 18 months on the job because he had only minimal influence on policy. He was succeeded by Harvard's Martin Feldstein, the CEA chairman from October 1982 until last July. Unlike such previous advisers as Arthur Burns and Alan Greenspan, who sometimes disagreed with official policy behind closed doors in the Eisenhower and Ford Administrations, Feldstein broke ranks in public, calling for a tax increase and warning that the federal deficit could throttle the recovery...
...Murray Weidenbaum, a mainstream conservative economist who served as the first chairman of Reagan's Council of Economic Advisers, was never comfortable with the rosy claims made by the Administration's supply-siders, and resigned in the summer of 1982. To replace Weidenbaum and shore up the sagging credibility of Reaganomics, the White House turned to Feldstein, another conservative with strong credentials...