Word: capped
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...Governor Reagan tapped Weinberger to be his state finance director. "My personal Disraeli," Reagan has called his aide. Weinberger left Sacramento less than two years later to join the Nixon Administration, where his budget-paring skills as Director of the Office of Management and Budget earned him the nickname "Cap the Knife." The two men, who have become warm personal friends over the years, mirror each other's qualities: a mellow California poise combined with a wide streak of stubbornness. The blend gives each man his air of serenity and self-assurance...
...Office of Management and Budget, who feel that the defense buildup should be eased somewhat to curb the deficit. But Weinberger can carry the day singlehanded with the President by raising the specter of the Soviet threat. Says a top White House aide: "The President simply trusts Cap as a budgeteer more than he trusts Stockman as a budgeteer...
...national security. Therefore defense cannot be looked at as a part of a budgetary solution. Defense must be looked at as to what needs to be done to ensure our national security. This doesn't mean that if you can find places-and we are trying constantly, and Cap [Defense Secretary Caspar Weinberger] has been successful at it-where without reducing the rebuilding that we think has to be done, if we can find savings, fine. We will find them. We don't want to waste money, and we wouldn't do that. We shouldn...
...Limit future benefit increases. Benefits, which are tied to the Consumer Price Index, have shot up much more rapidly than have tax collections, which are held down by widespread unemployment. The chief idea for reform: put a 4% cap on increases in 1983 and '84, and thereafter link benefit rises not to the CPI but to increases in average wages, less 1.5%. That is, if wages went up 6%, benefits would rise 4.5%. Anticipated saving: $180 billion...
...that if their pension checks do not keep pace with inflation they will be reduced to eating cat food. Members of the Gray Panthers, who demonstrated outside the meeting, chanted, "No ifs, no ands, no buts, no cost-of-living cuts." In fact, there is evidence that putting a cap on benefits would be justified. Tying Social Security payments to inflation amounts to a huge transfer of wealth from the young, whose earnings are not similarly protected, to the aged, only about 15% of whom are classified by the Government as poor-roughly the same proportion as in the entire...