Word: feldstein
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...Congress. It will not only show a fiscal-1985 deficit barely below the record $ 195 billion in 1983, but estimate that the red ink will still be flowing at a rate of about $150 billion a year by the end of the decade. Council of Economic Advisers Chairman Martin Feldstein asserted last week that the Administration's rosy forecasts of economic growth would be "appropriate" only if the deficits are sharply reduced...
...debates within the Administration over the speech draft, Feldstein, Office of Management and Budget Director David Stockman and Secretary of Commerce Malcolm Baldrige contended that Reagan should at least renew a proposal he made reluctantly last year for a threeyear, $50 billion tax increase, conditional on congressional approval of deep spending cuts and a string of other "ifs." But Reagan's philosophical convictions make him loath to propose any tax increase any time, and his political sensibilities make him doubly loath to do such a thing in an election year. At one point, aides inserted in a State...
...everyone, however, saw only good times ahead. In a leaked memo, Martin Feldstein, chairman of the Council of Economic Advisers, urged President Reagan to call for a $50 billion tax increase in the budget that he will present to Congress later this month. An outspoken opponent of runaway deficits, Feldstein warned that without new taxes the federal shortfall will be "at least $170 billion in every year between now and 1989." He said later: "The economy is very strong...
...Feldstein's proposal is certain to be opposed by Administration aides like Treasury Secretary Donald Regan...
Last year Regan sharply clashed with Feldstein, rejecting the CEA chairman's contention that taxes had to be raised substantially to cut the deficit. With all the good news, many Reagan Administration officials would seemingly prefer just to sit back and let the good times roll than worry about deficits. - By John Greenwald...