Word: budgeteering
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Dates: during 1970-1979
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...office, Miller asserted openly that Carter should declare inflation to be the nation's No. 1 economic problem. The President did, a month later. Miller publicly advised Carter to delay the $25 billion tax cut that the President had proposed to take effect Oct. 1, and to shrink the budget deficit. Carter has agreed to make the tax reduction effective Jan. 1, and to squeeze it down to $15 billion. That and other actions, according to Administration forecasts announced last week, are supposed to lower the budget deficit for fiscal 1979 from the $60.6 billion that Carter had recommended...
That seems a rather blithe overstatement: a tough budget-cutting policy will in fact arouse furious opposition. And "model economy" is a phrase so reminiscent of the naive expansiveness of the mid-1960s that hardly anyone else in Washington would dare utter it. But it sounds natural coming from Miller; self-assurance is as marked a strain in his character as his relaxed informality. At Textron he peppered fellow executives with what they called "Millerisms," such as "Don't rationalize mediocrity" and "There is no penalty for overachievement." Miller set an example by rising meteorically to become the company...
However, the Federal Reserve and the Administration must try to get along. The Fed cannot press a tight-money policy so far as to prevent the Treasury from borrowing enough to cover the budget deficit (that would mean Government failure to pay its bills, which would shake the whole financial structure), but it can foil Administration policy by being tight or loose. So every chairman becomes a nonofficial adviser to the President...
...story goes, Flynn apparently had a revelation that God would praise him if he could get the 1979 budget through with a bill restricting state funding for abortions for poor women. Gov. Michael S. Dukakis kept his promise, vetoing the bill last Friday, but it was overridden that evening by a vote of 159-50. Since Monday, poor women have been wondering who will pay for their abortions...
Flynn and the rest of the Massachusetts Legislature, which is considered to be fairly moderate on budget issues, considering the amount of public service funds in the budget, believe they can win more votes this fall by supporting the new law. In fact, however, they have acted on last spring's socially irresponsible decision by the Supreme Court. But with a little luck and some effective lobbying, their action may soon be undone...