Word: weidenbaum
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...will to make such supremely difficult choices is problematic. Reagan has rebuffed all suggestions for slower defense spending increases, to the dismay of some in his own Administration. In an inter view with the Associated Press that was released as his resignation be came effective last week, Murray Weidenbaum, former chairman of the Council of Economic Advisers, charged that increases in military spending have fully offset all Reagan's cuts in civilian programs. Said Weidenbaum: "On balance, we really haven't cut the budget. When you add that [defense spending] to the big tax cuts, you get such...
...from the Treasury Department and the Office of Management and Budget in a frustrating effort to help chart a coherent and consistent economic course. Meanwhile, he has been under pressure from the White House to produce economic forecasts that offer hope for the ultimate success of Reaganomics. When Murray Weidenbaum resigned the post three weeks ago to return to teaching, his sudden departure and disavowal of the Government's latest optimistic projections reinforced fears that the Administration's economic policy is rudderless and foundering...
Last week, however, President Reagan persuaded an economist with both stature and credibility to come on board as Weidenbaum's successor. His choice: Martin Feldstein, 42, professor of economics at Harvard University and president of the prestigious National Bureau of Economic Research in Cambridge, Mass...
Moreover, Weidenbaum had trouble reconciling the optimistic projections of Administration supply-siders with his own traditional conservative views of the economy. He has already distanced himself, for example, from the Administrations midyear budget review, which will be published this week. It predicts that the economy with grow at an annual rate of more than 4.5% during the second half of 1982, and another 4.5% next year. Said Weidenbaum: "That projection is within the realm of possibility. But my personal forecast would be more on the cautious side...
...resignation comes at a difficult time for the President. Weidenbaum is the third senior economic adviser to quit in the past two months, and critics of the Administration's policies seem to be gaining strength. Publicly, though, Weidenbaum remains optimistic about the eventual payoff of the Reagan policy. He remarked last week that he feels like Moses in the Old Testament. Said Weidenbaum: "He led his people to the Promised Land, but did not quite make it there himself...