Word: feldstein
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...Martin Feldstein loses friends by warning about deficits...
...setting last week was a session of the House Budget Committee, and the subject was deficits. Peering from behind his oversize tortoise-shell glasses, Martin Feldstein, the scholarly chairman of the Council of Economic Advisers, patiently explained once again the harmful impact on the U.S. economy of a succession of $200 billion deficits. Finally Michigan Democrat Howard Wolpe asked: "What on earth does the Treasury Secretary say to you when you lay out these arguments?" Feldstein laughingly replied: "I think you'll have to discuss the Treasury Secretary's views with the Treasury Secretary...
...good-natured answer indicated, Feldstein, who favors raising taxes in order to reduce the deficit, is tiptoeing through the minefields of economic policy. He has become the target of whispers and leaks from Administration loyalists trying to undermine his already shaky standing with the White House. Presidential aides recently forced him to decline an invitation to appear on Meet the Press on the ground that it would highlight internal policy differences. A staff member on his own council leaked a story that Feldstein had been forced to alter two speeches and "throw away" a third one because of White House...
...Professor of Economics and chairman of the Council of Economic Advisers Martin S. Feldstein and other proponents of "Friedmanite bullshit" are lying when they say the country is in the midst of an economic recovery...
...consequences of doing nothing about the deficit are ominous. Government borrowing will clash with the capital needs of private industry to keep interest rates high. The outcome may not be another recession but a continuation of what Feldstein called "the lopsided recovery," an expansion driven by consumption and Government spending that has an uneven impact on the economy and produces profound structural changes...