Word: programing
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Dates: during 1980-1989
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...borrowing demands are pushing up interest rates. The result is the current staggering levels, which threaten to choke off the private investment boom that the tax cut is supposed to bring about. Says Oklahoma Democrat Jim Jones, chairman of the House Budget Committee: "My fear is that the program now put in place by the Administration is the equivalent of stepping hard on the gas at the same time as you slam on the brakes. The result will sound spectacular-until either the brakes fail or the engine blows. It is a gamble of titanic proportions...
...even some leading conservative economists predicted that the Reagan program would soon run into trouble. Said Robert Lucas, professor of economics at the University of Chicago: "This Administration has committed itself to a whole series of tax cuts, and it's going to be hard as hell for them to reverse course. They have locked themselves into some very tough arithmetic, especially since they have been overoptimistic about the benefits of the tax cuts...
...forcing the Federal Reserve to adopt a looser money policy might be an extremely shortsighted strategy. As Reagan Adviser Greenspan warns: "If the Fed eased, it would reignite inflationary expectations." Though interest rates would come down for a while with a program of easy credit, they would then probably rise quickly once again because financiers would be anticipating still higher inflation and demand still more interest. In the end, rates could well go higher than they...
...Reserve Board were to change course now, just when its policies are beginning to help make a definite dent in inflation. Reagan told his Cabinet last week that he shares that view. "I want to see the Fed continue monetary restraint and be the fourth leg of our economic program...
Despite the loud congressional protests and the worries along Wall Street, the President's program so far appears to retain generally broad public support. A Gallup poll released last week showed that Reagan's approval rating of about 60% has not slipped during this summer's economic slowdown. Interviews by TIME correspondents around the U.S. last week also showed the public's willingness to sacrifice in order to get the economy on the path to steady, noninflationary growth...