Word: monetarist
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...middle levels of Reagan's economic team. While the "economic troika" of OMB Director David Stockman, Treasury Secretary Donald Regan and Council of Economic Advisers Chairman Murray Weidenbaum seems to be at least publicly in tune, there is a sharp split between the supply-side purists and more monetarist advocates working under it. They disagree on the validity of the Administration's rosy economic forecasts and on whether Reagan's recently enacted tax cuts should be carried out in full. So far those internal fights have not bubbled up into any public shifting of Reagan...
...London Sun called it "Maggie's Monday Massacre," and it indeed turned out to be a purification rite more sweeping in its execution than the experts had anticipated. In a ruthless purge of her Cabinet last week. Prime Minister Margaret Thatcher cast aside dissenters from her strict monetarist economic policies and replaced them with unstinting loyalists to her stern anti-inflation credo. The action further split her already deeply divided Tory party and set the stage for a political season of unrivaled tumult and upheaval...
Whatever the government finally decides, Home Secretary Whitelaw indicated that it would not abandon its monetarist austerity for the sake of financial subsidies to depressed areas like Brixton. Said Whitelaw: "The idea that you can buy your way out of problems in different areas I don't believe to be sound and the Americans have found it that way." Britons may now be finding out something else that the U.S. has already discovered: the road to racial harmony is long and arduous...
...battered red case: Prime Minister Margaret Thatcher's severely austere new budget, which she insisted "laid a solid foundation for sustained revival of the British economy." Ignoring urgent pleas for relief from both industry and trade unions, Thatcher asked Britons to swallow yet another dose of her bitter, monetarist medicine. "This government," she insisted, "has taken the wise and moral course, and I will challenge anyone who takes the contrary view." The new budget will raise government revenue by $7.7 billion-in part by imposing heavy new excise taxes on beer, liquor, cigarettes and gasoline. A fifth...
...phenomenal 66% in 1980 ?and 86% since Thatcher 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...