Word: weidenbaum
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...Murray Weidenbaum, chairman of President Reagan's Council of Economic Advisers and former member of the TIME board, was a guest at last week's session. He described the first quarter as part of the "Reagan honeymoon." Acknowledging the special factors involved in the business surge, Weidenbaum said that he did not expect such vigor to last. The Reagan Administration's revised economic forecast, which will be issued in July, is likely to show an economy only slightly stronger than its February prediction. Said he: "I expect that real growth this year will be a bit higher...
While many private economists are talking about the strength of the economy, the Reagan Administration is concentrating on its weaknesses. "We have a very soft, soggy economy," said Treasury Secretary Donald Regan last week. Murray Weidenbaum, chairman of the President's Council of Economic Advisers, downplayed the economy's strong performance in the first two months of the year by noting that "March came in like a lion and is leaving like a lamb." The President's new independent Economic Policy Advisory Board, which includes former Treasury Secretaries George Shultz and William Simon and former Federal Reserve...
...question. Brock, Commerce Secretary Malcolm Baldrige and Transportation Secretary Drew Lewis told a Senate subcommittee that they favor some voluntary slowing of Japanese car imports. Opposing trade restrictions are the Administration's top economic officials: Treasury Secretary Donald Regan, Budget Director David Stockman and Chief Economist Murray Weidenbaum. The President last week postponed a final decision in hopes of forging a compromise between the two groups while seeking concessions from the American auto industry on wages, investment and quality control...
...Reagan Cabinet is now almost evenly split on the auto issue between protectionists and free traders. Trade Representative William Brock said last week that he still supported unrestricted trade, but added, "Sometimes you have to take a step or two backward before you can move forward." Murray Weidenbaum, chairman of the Council of Economic Advisers, had another view about that step. He told the Senate Banking Committee that any import limitations would be a "backward step at a time when economic policy is being geared to reducing the degree of Government intervention in the marketplace." Reagan Cabinet members now favoring...
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...