Word: deficitâ
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...Bush's reneging on his "Read my lips: no new taxes" pledge was Bush budget chief Richard Darman. As a top aide to Ronald Reagan, he was both an intellectual and a savvy technocrat. Yet the economist could be stubborn. After persuading Bush to reverse himself to reduce the deficit???a move that deeply damaged voters' trust and one that Bush called his biggest mistake?Darman maintained the error was tactical; the plan had just been badly presented. "I'm a long-term idealist and short-term realist," he said. Darman was 64 and had leukemia...
...Deficit?...
...particular interest are the estimates on Surplus and Deficit???figures much mouthed in Congress and on the political stump. Whether the Treasury estimates are accurate or not is highly debatable. Secretary Mellon can quickly prove that Mr. McCoy's errors as a fiscal forecaster are negligible. At the Capitol, the Treasury's actuary can be and often is made out a worthless prophet. But there is no disputing this fact about Mr. McCoy: if and when his estimates err, it is on the cautious side?over for Deficit, under for Surplus. Perhaps his merry mien is due in some measure...
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