Word: programing
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Dates: during 1980-1989
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...program is in fact open to serious objections on several counts. Balancing the budget, a move important in itself, has also become the quintessential symbol of Government resolve to fight inflation. As Carter noted, "Nothing will work until the Federal Government has demonstrated that it can discipline its own spending and its own borrowing." But a one-shot, one-year surplus would barely begin to undo the damage wreaked by years of deficits: $160 billion since 1977 By some estimates, a balanced budget in fiscal 1981 would, by itself, reduce the inflation rate only by two-tenths...
...presidential plan that finally emerged has congressional agreement only in principle. Given the national fear about inflation, says Giaimo, no Congressman or Senator wants to run for re-election as a proponent of a deficit budget. But veteran observers believe the quarrel over just which programs to cut could rival in bitterness the three-year battle over Carter's energy program. Says Democratic Representative David Obey of Wisconsin: "Everybody wants to cut Ol' Charlie's program. And nobody wants...
Lobbyists of various sorts are mobilizing to guard their interests. The liberal Americans for Democratic Action claims to have organized a coalition of 50 labor, youth, civic and religious groups to block reductions in social spending. Carter's program, says the A.D.A., is "a cruel deception of the people." A coalition of 39 women's groups has warned its members to watch for any budget cuts that might be unfavorable to women...
Carter's program is open to serious question on some other grounds. Controls on credit-card debt, in the opinion of many economists, will have only a marginal impact on inflation. The wage-price guidelines have been very ineffective, and there is little reason to think their impact will increase. And the Administration's fee on imported oil will immediately force up further the item that is already rising faster than anything else in the consumer price index. Gasoline prices went up 60% between early 1979 and early 1980 (see chart...
...worst shudders in the financial markets might have been avoided; they occurred largely because investors saw the original budget as lax and concluded that the Administration would do nothing effective to curb inflation. Even now, the President's plan is inadequate in many respects. Like his energy program, it flourishes a rhetoric of sacrifice and national duty but actually asks