Word: darman
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Dates: during 1980-1989
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...then did the Bush team pull off such a miraculous deficit disappearing act? Budget Director Richard Darman came up with a solution so Machiavellian that it had eluded even that past master of cooked books, David Stockman. The Darman doctrine: If the numbers are inconvenient, let someone else add them up. It was a refined version of the same strategy that Bush himself promoted during his campaign with his numbers-fudging talk of a "flexible freeze...
...Bush, cutting capital gains is another miracle-grow elixir for the economy: "This will increase revenue, help savings and create new jobs." In a reprise of the dubious less-is-more assumptions that once undergirded Reaganomics, Darman argues that such a tax reduction would yield $4.8 billion in additional revenue in 1990. The logic: grateful investors would churn their portfolios in a frenzy to take advantage of the more generous tax rate. Although there is no consensus, most respected economic models challenge these assumptions. A study by the Congressional Budget Office, for example, puts the annual loss in the first...
...real legacy of the exchange-rate intervention Baker began is the process itself, a model for the kind of international cooperation the U.S. must replicate if it hopes to retain its leading role in a multipolar world. "The start in building a multilateral system," says Richard Darman, "is a story line that can continue for decades if it is properly nurtured...
...members of Congress are cyncial about Bush's expected proposal, they say they are optimistic about Bush's advisers. Director of the Office of Management and Budget Richard G. Darman '64, for one, is well-respected on Capitol Hill, according to Wirth...
...Darman is very smart," says Wirth. "He understands the problems and he's very pragmatic. I'm sure he'll have a significant influence on the administration...