Word: kudlow
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Administration supply-siders and monetarists are particularly incensed at Stockman's efforts to push through a package of indirect taxes on such items as tobacco, alcohol and gasoline. Lawrence Kudlow, the chief economist at OMB, has given such tax increases the woolly euphemism of "revenue enhancers." Supply-siders say that increasing taxes would repeat the mistake made in 1979 by Britain's Margaret Thatcher, when she tried to reduce a revenue shortfall brought on by sharp income tax cuts by raising the value-added taxes on consumer goods. Many economists now believe that the Thatcher taxes seriously aggravated...
After Regan's attack on Fed policies, the White House pressured the agencies involved to produce some agreed-upon "guidance" that all spokesmen could adhere to. A memo of understanding, signed by Sprinkel and Stockman's top economic aide, Lawrence Kudlow, among others, said that all concerned agreed on a steady slow growth of the money supply, which the Fed was moving to accomplish. The message ended: "Nothing which has been said in recent days indicates a retreat from that commitment." A White House spokesman as much as admitted that concern about economic disunity had been only temporarily...
...covered by Government gold stocks. This would not entirely remove the Federal Reserve's role in monetary policy, but would restrain its powers to issue paper money. They believe that the Fed's policy of controlling inflation through the money supply is well intended but ineffectual. Lawrence Kudlow, chief economist of the Office of Management and Budget, says that the Federal Reserve has become a "monetary Gong Show...
...tried to restore confidence among moneymen. President Reagan abruptly abandoned his pledge to spare Social Security retirement payments from the budget ax; he proposed reductions in old-age and other benefits that will trim Social Security payouts by 10% and shave $46 billion in the next five years. Lawrence Kudlow, chief economist at the Office of Management and Budget, promised that more spending cuts and deferrals were on the way and hinted that the Administration might scale back slightly its request for outsized increases in military spending. Said he: "Nothing is untouchable, including defense." Perhaps most important, White House spokesmen...
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...