Word: feldstein
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Meanwhile, Feldstein kept calling for tax hikes. That irritated the White House, which had quietly abandoned its contingency-tax proposal. Spokesman Larry Speakes telegraphed the displeasure by telling reporters at a briefing that Feldstein was talking "too often and too much." Stooping to heavyhanded ridicule, Speakes alternately pronounced the economist's name "Feldsteen" (incorrectly) and "Feldstine" (correctly...
Showdown time for the feuding economic advisers came during the White House deliberations on this year's budget message. Feldstein and his ally Stockman urged the President to propose new taxes. Regan held out against them. Faced with conflicting recommendations, the President followed his instincts: no new taxes. Reagan has always felt, with plenty of justification, that giving Congress more revenues would merely encourage more spending...
...budget briefings with reporters, Feldstein suggested that the Administration would eventually have to compromise with Congress and agree to reduce defense spending and raise taxes. Grumbled a top White House aide: "There was Feldstein, in public, emphasizing that the budget as presented was a bad job and that, of course, defense will have to be cut and, of course, the Treasury needs more revenue. The Democrats will feel emboldened to stick to their guns all the more stubbornly." That same week the Administration released the Economic Report of the President, which was prepared under Feldstein's supervision and contained...
...from a perfect science" and called economists "naysayers" and "doom criers." Though Rea gan was never a doctrinaire supply-sider who believed that deficits were nothing to get too concerned about, the President apparently refuses to believe that the budget gap will be as big and as harmful as Feldstein thinks...
...large extent, Reagan has become his own economist. At a meeting last fall, Feldstein, Regan and Stockman presented forecasts showing that the deficit would rise to well over $200 billion in the last half of the decade. The President studied the figures and noticed that inflation, as measured by a broad index known as the G.N.P. deflator, which includes prices paid by both businesses and consumers, was expected to hover around 5%. "Why can't we continue to make progress?" the President demanded. "We can't just declare victory...