Word: feldstein
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Over at the Treasury, Regan's staff professes to be amazed that Feldstein has lasted this long. Says one official: "He's incredibly arrogant. We can't understand why he hasn't been fired." He almost was last fall, but Administration campaign strategists fear that sacking Feldstein, who long ago announced plans to return to Harvard in September, would be politically more hazardous than keeping him on a while longer. The President has said that he does not want to make a "martyr" of the economist. Feldstein may be pushing his luck, though. Says one White...
...billion range through fiscal 1987, but then will fall to $123.4 billion in 1989. That forecast, however, rests on the shaky assumption that the interest rate the Government must pay on three-month Treasury bills will drop, from an average of 8.6% last year to 5% by 1989. Feldstein has argued that if budget deficits are not reduced in the next few years, interest rates may not fall significantly. The President's budget projections are thus internally inconsistent...
...first chairman of Reagan's Council of Economic Advisers, was never comfortable with the rosy claims made by the Administration's supply-siders, and resigned in the summer of 1982. To replace Weidenbaum and shore up the sagging credibility of Reaganomics, the White House turned to Feldstein, another conservative with strong credentials...
...first, Feldstein was influential in policymaking. He argued that the deficit would hinder the economic recovery and insisted that the Administration project G.N.P. growth for 1983 at a cautious 3%, a forecast in line with what private economists were saying. When the White House was preparing its budget message early last year, Feldstein and Stockman helped persuade the President, over objections from the supply-siders, to propose a contingency tax designed to boost revenues in 1985 if the deficits were still too high. Feldstein's austere outlook and recommendations earned him the nickname "Dr. Gloom...
...recovery turned out to be much more robust than Feldstein and most other economists expected. Last year's growth rate was 6.1%, or double Feldstein's forecast. That miscalculation hurt his standing in the Administration and encouraged the supply-siders...