Word: reaganized
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Dates: during 1980-1989
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Bush promises to be different. Although he adopted the Reagan method during the campaign, stage-managing his every appearance and sequestering himself from the press, he held more news conferences in the ten weeks following the election than Reagan did in his last two years in office. "I think you will see him act as President very much as he has been in the last few weeks," says White House spokesman Marlin Fitzwater...
...Ronald Reagan was luckier. He discovered a passel of single-minded, if not exactly single-armed, economists who called themselves supply-siders. They promised Reagan that he could cut taxes, rebuild U.S. military might and reduce the budget deficit, all at the same time. While the President eagerly followed the script, the deficit forgot its lines. Instead of shrinking each year, it added $1.3 trillion to the U.S. national debt during Reagan's two terms, more than doubling the total burden...
When George Bush became President last week, he inherited that mountainous load, along with a 74-month economic boom, the longest peacetime expansion in the modern era. Bush, who once ridiculed Reagan's policies as "voodoo economics," must now confront both sides of the Reaganomics legacy. In doing so, he will turn for economic advice to a profession that is struggling to find new ways of understanding the unprecedented boom-and-borrow cycle of the past eight years...
...Reagan's proudest economic achievement, taming the inflation rate from 12.5% in 1980 to 4.4% last year, has also dealt a blow to some major schools of thought. Monetarists like Nobel laureate Milton Friedman, who believe that slow and steady growth of the money supply is the key to prosperity, expected inflation to shoot up when the Federal Reserve suddenly pumped cash into the economy to halt the recession of 1981-82. But inflation failed to ignite because the slump was so deep that it left the economy with plenty of room to grow without pushing up prices...
That concern is echoed by resurgent Keynesian economists, who are trying to adapt their mostly liberal views to current conditions. Virtually counted out when inflation surged along with unemployment in the 1970s, the Keynesians now point out that Reagan borrowed from their philosophy in propelling his economic boom with deficit spending, which Keynesians have long advocated as a cure for slumps. "Keynesianism was vindicated by these last eight years," says Princeton economist Alan Blinder, a leading exponent of the school of thought. Blinder insists, however, that the deficits have got far out of hand...