Word: forecasts
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This was Ronald Reagan's forecast of the reaction he will get to the economic program that he will unveil to a joint session of Congress and a national TV audience on Wednesday night. The President will announce sharp slashes in federal spending, as much as $50 billion in the next fiscal year, and deep reductions in taxes. He anticipated angry howls, but also the backing of a majority of Americans, who seem to agree that the Government must stop its spending spree. Said liberal Republican Senator John Chafee of Rhode Island: "We've run out of alternatives...
Thus, as Reagan made his prediction last week to 40 state legislators and county executives at the White House, there was a note of eager anticipation in his voice, for his overly gloomy forecast was part of a skillful campaign to convince Americans that the spending cuts are both necessary and equitable, that they will spare almost no one who has been sharing in the largesse of a profligate Government...
Conventional economists within the Administration, led by Murray Weidenbaum, chairman-designate of the Council of Economic Advisers, reportedly argued that the Administration had to return to a more traditional econometric forecast or run the risk that its whole program might lose credibility. Last week Kudlow and Rutledge revised their figures and came up with more realistic projections. They now predict that growth next year will be 4%, while inflation will drop only to 8%. That is still too optimistic for many in Washington. Capital wags are now quipping that the highest-ranking woman in the new Administration is named Rosy...
...took office. In the manufacturing regions of the north, 14.8% of the male work force is jobless. Meanwhile, the government has been unable either to control the money supply or control public spending, the two keystones of its monetarist policy. The budgetary deficit for fiscal 1980-81 was first forecast at $20 billion, then revised last November to $27 billion. Now government sources expect the deficit to exceed $30 billion, an increase of $7 billion over last year's deficit. To compensate, Thatcher and her Cabinet are now talking about imposing new taxes. Ironically, it is the private sector?...
...closed January 7, the Dow Jones ticker stood at 1004 and some change, a high-water mark for recent months. The bull market that began with the election of Ronald Reagan showed every sign of plowing ahead. And the edition of Joseph Granville's Market Letter, a leading private forecast service, that reached investors that morning stated that "the market is signaling a sharp upswing ahead...Buy aggressively," it advised...