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Title: CRS84798Lpage72
Page from: info:fedora/mu:77086

Title: CRS84798Lpage75
Page from: info:fedora/mu:77086
Text: Confessions of a White House Adviser PRESIDENHAL ECONOMICS The Making of Economic Policy From Roosevelt to Reagan and Beyond. By Herbert stem. (14 pp. New York: Simon 8: Schuster. $16.95. By Leonard Silk HAT is the actual role of the professional economist in the making of national eco- nomic policy -- and what should it be? In "Presidential Economics." Herbert Stein, who

Title: CRS84798Lpage77
Page from: info:fedora/mu:77086
Text: villain in the falling out, he declares, is Mr. Stockman. a man whose early suppl -side sympathies quickly evapora and who “orches- trated” thte c(l;f1icit-mongers who, de- spairing o a evlng major spending cuts, pressed for higher taxes in- gtggﬂ . _. -:= - 32 THE NEW YORK TIMES FEBRUARY 29, 1984 PAGE C21 Althoughit is hard tovouch for the full, contextual accuracy of many of his charges, Mr. Roberts

Title: CRS84798Lpage68
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Text: M ‘ 14' lAUIt$,|l». :lli(ll “!1rx'IJ

Title: CRS84798Lpage78
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Title: CRS84798Lpage70
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Title: CRS84798Lpage76
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Title: CRS84798Lpage74
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Title: CRS84798Lpage15
Page from: info:fedora/mu:77086
Text: -price guidelines (1962-1967-and 1978-1979), a wage—price freeze and mandatory con- trols (1971-1974), a ﬂirtation with credit controls (1980), a devaluation of the dol- lar (1971), the abandonment of the sys- tem of ﬁxed exchange rates (1973), and a major shift in Federal Reserve monetary policy (1979). The ideal remains elusive. 1 It remains elusive because it is unat- tainable. The story of the past twenty 99

Title: CRS84798Lpage17
Page from: info:fedora/mu:77086
Text: ’t think Congress would pass it. He was, of course, right. He ﬁnally advanced a sur- tax, in 1967, but Congress did not adopt the measure until June of 1968. By that 100 time, the virtual price stability of the 1950s and early 1960s had been lost; be- tween 1960 and 1966, inﬂation had risen from one to 3 percent, and it kept rising. The episode revealed an inherent im- balance in. the politics

Title: CRS84798Lpage18
Page from: info:fedora/mu:77086
Text: M 31..

Title: CRS84798Lpage16
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Title: CRS84798Lpage19
Page from: info:fedora/mu:77086
Text: the Depression. Unemployment in 1939 was 17.2 per- cent, lower than in 1933 (24.9 percent) but higher than in 1931 (15.9 percent). War ended the Depression. In 1944, un- employment was 1.2 percent. What the Depression actually changed

Title: CRS84798Lpage21
Page from: info:fedora/mu:77086
Text: ) derived in part from the price stability of the 1950s. But by the 1970s, the economy had to deal with the inﬂa- tionary side effects of those policies. A1- most all the comparisons favor the 1950s. 1950s 1960s 19703 Average Annual Unemployment 4.5% 4.7% 6.4% Average Annual Inﬂation 2.1% 2.8% 7.9% Average Annual Productivity Gain 2.6% 2.8% 1.4% ESPITE THE EXAMPLE of the fifties, the prejudice persists

Title: CRS84798Lpage23
Page from: info:fedora/mu:77086
Text: predecessors, President Reagan’s 1980-1981 utopian promises belonged to a long tradition of overblown rhetoric. His Democratic critics still peddle bat- tered versions of the vision of the 1960s. Government that constantly inﬂicts fail- ure on itself-—by creating expectations of impossible success-—risks undermin- ing public’ support and inducing increas- ingly unstable and desperate policies. Ideas hold

Title: CRS84798Lpage24
Page from: info:fedora/mu:77086

Title: CRS84798Lpage22
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Title: CRS84798Lpage20
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Title: CRS84798Lpage71
Page from: info:fedora/mu:77086
Text: pur- poses. such as college tuition. may work or save less. The overall effects of a tax cut will depend on how many people re- spond each way. Stein gives an estimate of the effects of a 30 percent across-the-board cut in tax rates. the original goal of the Kemp-Roth bill. For a doctor earning $120,000 a year. this would mean a reduction of $12,000 in his tax bill; for someone earn- ing $25,000

Title: CRS84798Lpage87
Page from: info:fedora/mu:77086
Text: - ditions. During the 1950s and 19605, American business accepted unions as le- gitimate institutions and abided by an ex- ceedingly frugal version of the welfare state. During the 1970s, U.S. corporations uni- laterally abrogated this implicit social con- tract. In a determined campaign to shore up proﬁt margins, they shifted plants to anti-union environments at home and abroad, deployed bankruptcy

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