Word: feldsteins
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...Cabinet officials and members of Congress. Says Correspondent David Beckwith, chief Washington-based economic reporter: "The beat mainly involves four men and the organizations they head-David Stockman and the Office of Management and Budget, Donald Regan and the Treasury Department, Paul Volcker and the Federal Reserve, and Martin Feldstein and the Council of Economic Advisers. When a story focuses on one of them, you always have to talk to the other three." The prune focus of this week's story is CEA Chairman Feldstein. To get a feeling for the man and his ideas, Beckwith interviewed Feldstein...
...public truce, though, did little to mask sharp differences between Regan and Feldstein or to ease fears that the Administration's economic policy is awry. Regan's ideas are very close to the President's original supply-side strategy, which was based on a strong reliance on the stimulative power of tax cuts. Regan believes that the growth generated by the President's tax-reduction program will boost Government revenues and take care of part of the deficit. To reduce the budget gap further, Regan argues, Congress must concentrate on slashing spending. He believes...
...Feldstein, a mainstream conservative economist who never accepted the most radical claims of the supply-side doctrine, joined the Administration in 1982. He was brought on board to re-establish credibility after the Administration's early predictions of supply-side prosperity and balanced budgets went wildly wrong. Philosophically, Feldstein agrees with Reagan and Regan that the spending side of the ledger is the place to reduce the budget deficit. But Feldstein maintains that if spending cannot be cut sufficiently because of defense needs or the growth of social programs, then taxes must be raised. Along with his Administration ally...
...testimony before Congress last week, Volcker backed Feldstein's approach to attacking the deficit. Said the Federal Reserve chairman: "If you can not do it on the spending side, you have got to do it on the revenue side." Volcker said that the economy could absorb a tax increase of about $35 billion without danger to the recovery...
Administration officials privately concede they will eventually have to compromise with Congress and accept a tax increase, but they fault Feldstein for admitting it publicly. Says a top policymaker: "As a negotiator, Feldstein's a zero. If you want a compromise, you start by insisting on your position and expect the other side to voice its position. But Feldstein lays all our cards on the table face up before the game even starts...