Word: volckerism
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Here's hoping we will all take the medicine the Administration prescribes and support Paul Volcker and the Federal Reserve Board in their determination to stop inflation [Sept. 21]. There are no free rides for the sin of overspending...
...Federal Reserve Chairman Paul Volcker...
Somehow, the President must find $90 billion by his Administration's own estimate ($100 billion by Volcker's) to slash from planned federal spending over the next three years. About $16 billion of that will have to come out of the budget for fiscal 1982, which starts Oct. 1-on top of $35 billion axed in the first round of reductions. Moreover, the President will have to push his new cuts through a Congress that seems much less compliant than it was when it handed Reagan his big budget and tax victories in early summer...
...businessmen suffer more and more from the sky-high interest rates, pressure will build for Federal Reserve Chairman Volcker to ease up on the monetary brakes. Although monetary responsibility is supposed to be one of the keystones of Reaganomics, the Administration has hinted on several occasions in the past few weeks that it might consider a somewhat looser credit policy. Treasury Secretary Donald Regan first mentioned this possibility in an interview last month. At a California fund raiser, the President said that high interest rates were "hurting us in what we are trying to do." In an interview with FORTUNE...
Among Reagan's advisers, battle lines are already being drawn between the monetarists, who back Volcker's tough stance, and the supply-siders, who are afraid that tight money will not give the tax cuts a chance to work their magic. If they in fact change policy, it may be from very tight to merely tight. Says a White House aide: "There is an attitude by some of the supply-siders within the Administration that the monetarists have until the end of the year. Then we may have to jawbone...