Word: budgeteering
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Dates: during 1970-1979
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Carter went to the mid-term Democratic convention in Memphis to raise the party's consciousness about budget cutting. Teddy Kennedy went out to oppose Carter. Next day back in Washington, Kennedy was scheduled to share the presidential box at the benefit for the Special Olympics, a Kennedy family project. It might have been one of those times that a President, just slightly irritated over Kennedy's divisive tactics, could have called in with a cold. But too many people were watching. Carter put on his tux and his grin and went...
...inflation-probably rose only 3.8%. But consumer prices jumped so rapidly that in December they are likely to average 9.5% higher than at the end of last year. Result: the President, who began the year trying to prod the economy to faster growth, shifted gradually to a tight-budget policy and proclaimed wage-price guidelines that stop just short of mandatory controls. When even those measures failed to stop inflation and the sickening plunge of the dollar, President Carter on Nov. 1 welcomed a sharp increase in interest rates that normally would have violated his populist principles...
...that federal policy should be aimed at stimulating demand and closing loopholes in the tax laws, began talking instead of the urgent need to encourage capital accumulation and private investment. Congress passed a tax law far more conservative than Jimmy Carter wanted, and Carter himself talked such a stern budget-slashing line as to make him, in the wildly overstated view of AFL-CIO Chief George Meany, the most conservative President "in my lifetime"-which goes back to the Administration of Grover Cleveland...
That speech started a remarkable policy reversal. To pep up what then looked like a flagging economy, the President had begun the year by calling for a $25 billion tax cut and a $60.6 billion budget deficit in fiscal 1979, which started Oct. 1. As late as March, misled by alarmist predictions from Energy Secretary James Schlesinger that a continued coal strike would cripple national production, Administration aides led by Robert Strauss forced on mine operators a settlement that will raise wages and benefits nearly 40% over three years...
...start from Oct. 1 to Jan. 1. While that might seem to flout the message of Proposition 13, policymakers correctly judged that message to be a protest against rising prices as well as rising taxes. A big, early cut, they reasoned, would only fan inflation by deepening the budget deficit...