Word: deficits
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Dates: during 1980-1989
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After warning that we should remain cautious while encouraging the Soviet Union on its path toward becoming a "less threatening" nation, Reagan failed to offer any further suggestions as to how to reduce tensions between the two superpowers. And, though he went on to mention the budget deficit as one of his regrets, he declined to speak further, saying, "I'm going to hold my tongue...
...perhaps the most famous presidential address in recent American history, Dwight D. Eisenhower warned the nation about the military-industrial complex and a Washington sub-government, which he thought was driving the nation toward irreversible damage. With the recent procurement scandals in the Pentagon and the budget deficit, crisis caused in part by defense spending, Eisenhower's warnings still haunt...
...painful as the task may be, economists insist that the deficit must be cut. Says Norman Robertson, chief economist of Mellon Bank in Pittsburgh: "The most important factor in determining whether we have a recession in the next two years is going to be whether we adopt a credible deficit- reduction program...
President-elect Bush's Flexible Freeze Plan to reduce the budget deficit does not give economists much reassurance. The program calls for the total elimination of the budget deficit by 1993 by freezing all Government spending after adjustment for inflation except for Social Security and interest payments. But many economists believe the plan relies on overly optimistic assumptions that the U.S. economy will grow more than 3% a year through 1993 while inflation declines to about 2%. Sinai considers the Flexible Freeze Plan "unrealistic and unworkable...
...vocal minority of economists offer a relatively bullish outlook. Among them: Yardeni, Kudlow, Nakagama and J. Paul Horne, the Paris-based chief international economist for Smith Barney. The optimists believe that the economy is not overheating and that significant progress has already been made in managing the budget deficit. Says Kudlow: "The important thing is that the deficit is coming down. It is the direction that is far more important than the level of the deficit." Echoes Nakagama: "The worst is behind...