Word: budgeteering
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Dates: during 1970-1979
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...Senate seat, Congressman Donald Eraser was narrowly defeated by a conservative millionaire businessman, Robert Short. Eraser was one of the few Democratic candidates who still defended costly social programs. Short called Eraser's liberalism a "burden on the people" and urged a $100 billion slash in the federal budget. Even the Republican Senate candidate, Dave Durenberger, is less of a budget cutter than Short, an indication of the upheaval in the once powerful D.F.L...
...California's Proposition 13, you don't say no. On Sept. 26, Jarvis takes his antitax crusade to national television with the goal of convincing millions of viewers that personal income taxes should be reduced by 25% and $100 billion should be axed from the federal budget...
...seemed moderate and fair both harsh and inequitable, because it produces illusory gains in incomes, profits and home values that are taxed as heavily as if they were real. But there is wide disagreement on how taxes should be cut. How much can taxes be reduced without deepening the budget deficit and thus making inflation, the crudest tax, even worse? Which cuts can best promote investment? Can they be granted without giving an unfair break to the affluent...
...past decade-the effort to use the system to shift wealth from richer citizens to poorer ones through various forms of transfer payments-it has gone about as far as it can. Transfer payments, such as Social Security and welfare benefits, account for more of the federal budget than anything else, including defense, and probably cannot be increased further, either as a practical or a political matter. The public's mood, as Conable described it, is, "Quit all this talking about equity, and cut my taxes...
Blumenthal also pledged "a very tight fiscal policy," and in deed reinstated balancing the federal budget by fiscal 1981 as an Administration goal. That did not satisfy Alan Greenspan, former chairman of President Ford's Council of Economic Advisers. He lamented that basic functions of government at all levels have been broadened over the past several decades "with no internal rational limiting process," generating irresistible pressures to spend. The only solution he could see is a constitutional amendment enforcing budget limits...