Word: programing
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Dates: during 1980-1989
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TIME'S Board of Economists reviews the new Administration's program...
Reagan's program of deep budget cuts and generous tax reductions is an ambitious, but unorthodox, attempt to revitalize the economy. He hopes these measures will speed growth, slow inflation and balance the budget by 1983. But they could also overstimulate the economy and cause even more inflation. The program has thus worried both liberals and some conservatives. Charles L. Schultze, the chairman of the Council of Economic Advisers under President Carter and a new member of the TIME board, voiced the concern of many Democrats. Said he: "The Administration is pursuing a gung-ho, damn-the-torpedoes, full...
...Reagan program, he asserted, will have no quick impact on either wages or productivity. Concluded Schultze: "I think it is very dangerous to hinge so much on the ability to do this in a hurry because the prospects for disappointment are at least high, and one could really come a cropper...
Pechman warned that the real peril of the Reagan program is that it could fuel inflation. He estimated that the continuation of Government services at their current level and the large boost in defense spending that Reagan wants will generate a federal budget deficit of $50 billion in the fiscal year that starts in October. The President's proposed personal and business tax cuts would increase the deficit by another $40 billion, leaving a daunting Government shortfall of $90 billion. Even if Reagan succeeded in persuading Congress to cut $50 billion in expenditures, the deficit would still...
Conventional economists within the Administration, led by Murray Weidenbaum, chairman-designate of the Council of Economic Advisers, reportedly argued that the Administration had to return to a more traditional econometric forecast or run the risk that its whole program might lose credibility. Last week Kudlow and Rutledge revised their figures and came up with more realistic projections. They now predict that growth next year will be 4%, while inflation will drop only to 8%. That is still too optimistic for many in Washington. Capital wags are now quipping that the highest-ranking woman in the new Administration is named Rosy...