Word: volckerism
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Dates: during 1980-1989
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...1980s saw Democrats, the party of the people, standing up on the floor of the House of Representatives and lauding former Federal Reserve chair Paul Volcker for smothering inflation by throwing millions of Americans out of work...
...everyone was so enthusiastic. Venezuelan President Carlos Andres Perez called the new proposals "encouraging" but only "very timid steps." Paul Volcker, former chairman of the Federal Reserve Board, warned against looking for a "magic elixir" to solve the crisis. In a speech before a conference on Third World debt in Washington, Volcker explained, "If not well managed, a process of debt reduction clearly could be hazardous to the health of debtors and creditors alike...
...main attacks came from the supply-siders. They said Volcker screwed up their policy...
Would he really attack inflation, high interest rates and unemployment? Reagan rammed through Congress his radical tax-reduction scheme and some curbs on domestic spending. Just as important, he supported the harsh restraints already being applied by the Federal Reserve Board under Paul Volcker. Inflation succumbed, at last, to the thumbscrew treatment after Reagan waited out the most severe recession since the 1930s. This painful therapy, together with the borrowing binge required to finance the budget and trade deficits, produced the economic expansion now in its seventh year. Today, with unemployment at a 14-year low of 5.3% and inflation...
INTERVIEW: Paul Volcker' s Rx for the economy...