Word: stockmans
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...Director David Stockman...
...Administration, in contrast, has kept a discreet distance from those rather breathtaking assertions. Even Stockman's contention that the Government has no obligation to help Americans was quickly disavowed. Said Treasury Secretary Donald Regan: "I think Dave went a little too far in that statement. When people are in need or unemployed, they can expect that the Government will help them." Indeed, the Administration has concentrated on more reassuring defenses of its program: that its budget cuts preserve a "safety net" for the "truly needy," and that its proposal to slash all income tax rates by 30% over three...
Reagan and Stockman come equipped with charts and graphs to support their arguments and their rhetoric, but the narrow vision of federally-controlled and industry-oriented policy might make them easy prey to the same mistaken hopes that led to the demise of the original liberal ideals the Great Society. The Democratic policy-makers of the past two decades found out they could not solve the problems of poverty and injustice in the country simply by throwing money at them. As their outlays to social programs grew, poor policy coordination and bureaucratic entanglements got in the way of meaningful progress...
Similarly, the combat against inflationary expectations is the most significant challenge facing Reagan and Stockman. Today's inflation rates seem almost ethereal to most people who see prices rising on their supermarket shelves and in housing and education, but the pace of inflation is buoyed by a core-rate stimulated by unchanging anticipation of these increasing prices. Companies and labor unions decide expenditures, wage policies and investment strategies with a stream of future price increases in mind. The need to alter this conception for the future has played a large role in the administration's strong ideological tack against budget...
...influence the nation's psychology, than concrete actions to improve the economic situation. This is not surprising since they have a tundamentally destructive intent--to dismantle the existing fiscal apparatus and consequently unleash the forces of private enterprise which the administration hopes will increase productivity and ultimately reduce inflation. Stockman's budget slashes and the plans for tax cuts, however, ignore the psychological aspects that affect productivity in the economy. Efficiency is more a matter of worker's satisfaction and their effectiveness than the tax and interest rate schedules faced by corporate moguls. Nevertheless, Reagan seems unobtrusively apathetic about...