Word: stockmans
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...sound out those involved in determining the size of those numbers, TIME correspondents talked to White House aides, Administration economic advisers, Cabinet officials and members of Congress. Says Correspondent David Beckwith, chief Washington-based economic reporter: "The beat mainly involves four men and the organizations they head-David Stockman and the Office of Management and Budget, Donald Regan and the Treasury Department, Paul Volcker and the Federal Reserve, and Martin Feldstein and the Council of Economic Advisers. When a story focuses on one of them, you always have to talk to the other three." The prune focus of this week...
While Feldstein has infuriated Regan, he has aroused equally intense ire at the White House. Not since Budget Director David Stockman was taken to the woodshed for revealing doubts about Reaganomics in the Atlantic Monthly in 1981 has the Administration been so embarrassed, and harassed, by one of its economic gurus. The President's aides accuse the economist of being disloyal and giving ammunition to the opposition during an election campaign. Says one staffer: "He's made the CEA a four-letter word around here." On several occasions, the White House has censored advance texts of Feldstein...
...policymaking. He argued that the deficit would hinder the economic recovery and insisted that the Administration project G.N.P. growth for 1983 at a cautious 3%, a forecast in line with what private economists were saying. When the White House was preparing its budget message early last year, Feldstein and Stockman helped persuade the President, over objections from the supply-siders, to propose a contingency tax designed to boost revenues in 1985 if the deficits were still too high. Feldstein's austere outlook and recommendations earned him the nickname "Dr. Gloom...
Showdown time for the feuding economic advisers came during the White House deliberations on this year's budget message. Feldstein and his ally Stockman urged the President to propose new taxes. Regan held out against them. Faced with conflicting recommendations, the President followed his instincts: no new taxes. Reagan has always felt, with plenty of justification, that giving Congress more revenues would merely encourage more spending...
...large extent, Reagan has become his own economist. At a meeting last fall, Feldstein, Regan and Stockman presented forecasts showing that the deficit would rise to well over $200 billion in the last half of the decade. The President studied the figures and noticed that inflation, as measured by a broad index known as the G.N.P. deflator, which includes prices paid by both businesses and consumers, was expected to hover around 5%. "Why can't we continue to make progress?" the President demanded. "We can't just declare victory...