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...newspaper. The Washington Post, was concerned, revealed a sensitive, questioning intellectual television cameras cannot capture, a young man growing steadily disillusioned with the politics his role in the Reagan White House has made him partisan to. He questioned the ethics of doctoring the forecasts produced by the OMB's economic model. "None of us really know what's going on with all these numbers," Greider quotes Stockman as saying, a rather serious admission for anyone working in economics, let alone the chief architect of a revolutionary fiscal policy. Reagan's opponents have certainly made the most of the opportunity Stockman...
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...
...from the OMB said the government felt the need to be supporting basic research. And yet, as far as I can see, the cut's across the board; it's not just development," Bogorad said...
...bullish. The reason: high interest rates and fear of ballooning federal deficits. Stockman, who saw the spiraling interest rates as a way to justify his budget-cutting offensive in September, began blaming the rates on the deficits. When his plans for shaving Social Security benefits proved politically suicidal, the OMB chief committed himself to a supply-side heresy: he suggested a delay in carrying out some of the tax cuts just passed by Congress...
While there is not yet a crisis in White House management, the current strains seem likely to grow. Moreover, there is growing disarray at 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...