Word: moynihanized
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...rejiggering the CPI might be put aside for scholarly debate and perhaps glacial, piecemeal action--unless it becomes the last resort for producing a balanced budget. That could happen. Says New York Democratic Senator Daniel Patrick Moynihan: "The seven-year balanced-budget plan of the President says in the final years there's a 30% unspecified cut in discretionary, nondefense spending. Without [the CPI change] you couldn't do that." But even then Republicans and Democrats, Congress and the President, would all have to agree to join hands and jump together...
...mentor to him. In high school Schoen had canvassed races for Morris on the Upper West Side of Manhattan. Schoen and his partner, Penn, who had attended Harvard together, later distinguished themselves as New Democratic consultants and pollsters for Mayor Ed Koch of New York City, Senator Daniel Patrick Moynihan and Evan Bayh of Indiana. They had also polled for a succession of Arkansas politicians, including Clinton's rival, former Governor Jim Guy Tucker...
...proposal in particular seems fair and powerful. We should pursue a plan that New York Senator Daniel Patrick Moynihan has been pushing for several years--a recalculation of the consumer price index so that it no longer triggers a higher-than-necessary cost of living adjustment in Social Security checks and other entitlements. Since 1972, all manner of wages and benefits have been tied to the inflation rate. Yet there's a wide consensus among economists that the CPI overstates the actual rise in the cost of living. The reasons are complicated, but one, called the "substitution effect," is easily...
Such failures mean that the CPI overstates inflation approximately 1 percentage point. "A similar error in navigation," says Moynihan, "would send your plane to the South Pacific instead of Seattle." Even so, how big is 1%? Plenty big. The CPI now rises at somewhat under 3% a year. Take off 1 point, and you cut a third. And that would mean the adjustment in the average monthly Social Security benefit of $698 would be $13.96 instead of $20.94, a loss of about $7. That hardly seems harsh, but it adds up. That fix, along with companion reductions in other programs...
...conservatives like James Q. Wilson, Samuel Beer, Daniel P. Moynihan and Henry Kissinger '50 have also moved on. Wilson took a teaching position at UCLA, Moynihan was elected to the United States Senate and Kissinger served as secretary of state for former president Richard M. Nixon...