Word: sideration
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High-ranking Administration officials told TIME last week that one of the Federal Reserve posts will go to Manuel Johnson, 36, the Assistant Treasury Secretary for Economic Policy. He is a supply-sider: one of the controversial economists who were the main architects of President Reagan's program of deep income tax cuts. A former professor at George Mason University in Fairfax, Va., Johnson has also been at the forefront of the Administration's drive to reform the tax code and deregulate the banking industry...
...current second-in-command George Bush. Like Bush, Percy's opinions on a number of issues have, to use the vice president's expression, evolved. Before Reagan's victory, Percy remained an adamant opponent to the Kemp-Roth tax policies. Since 1981, he's been a happy supply-sider. He's spoken favorably on the nuclear freeze, only to work against it in the Senate. His positions on arms control measures and Soviet-American summits similarly defy consistency. As a Simon advertisement notes. "If you feel strongly about arms control summits, then Charles Percy has a position...
...Walter Heller of the University of Minnesota, who maintain that the budget gap must be sharply narrowed even if that means raising taxes. Says he: ".Unless we tackle the creeping disease of the deficit, it is going to undermine our economic future." At the other extreme are the supply-siders, who maintain that Reagan's tax-cut program will stimulate enough economic growth to shrink the budget shortfall into insignificance. Asserts Supply-Sider Paul Craig Roberts, a former Assistant Treasury Secretary in the Reagan Administration and now a professor of political economy at Georgetown University: "Deficits...
...cheery, 18-hour-a-day campaigner, Petty often works parades, tirelessly darting between marching bands to grab spectators' hands on either side. The conservative Petty draws heavily on Reagan's popularity in the state, merrily proclaiming, "I'm a supply-sider." She radiates the President's brand of apple-pie patriotism and insists, "I won't make a left turn when I cross the Potomac...
...squabbling among his advisers reinforced the President's deep distrust of economists. In a January radio address, he described economic forecasting as "far from a perfect science" and called economists "naysayers" and "doom criers." Though Rea gan was never a doctrinaire supply-sider who believed that deficits were nothing to get too concerned about, the President apparently refuses to believe that the budget gap will be as big and as harmful as Feldstein thinks...