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Title: CRS84798Lpage20
Page from: info:fedora/mu:77086

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

Title: CRS84798Lpage79
Page from: info:fedora/mu:77086
Text: of the ﬂame, and from the outset it bemoans the fact that President Reagan, in filling economic policy positions, reached out beyondsupply-side economists. Mr. Roberts served as assistant secretary of the Trea- sury for economic policy in 1981-82. He now holds the William E. Simon chair in political economy at the Cen- ter for Strategic and International Studies at Georgetown University. Scattered

Title: CRS84798Lpage83
Page from: info:fedora/mu:77086
Text: Reaganomics: A Midterm Report edited by Wm. Craig Stubblebine and Thomas D. Willett. San Francisco, [CS Press, 1983. 232 pp. $14.95. How successful are the Reagan adrninistration’s economic policies, after two years of ex- perience? Reaganomics provides a lively, fair and candid summing up by prominent sup- porters and critics in a paper and discussant format. I enjoyed it, and think that under

Title: CRS84798Lpage81
Page from: info:fedora/mu:77086
Text: , in contrast, writes of the “unraveling” of Reaganomics. It is in the area of spending cuts that the resultshave been so disappointing. While federal revenues have de- clined as a portion of gross national product since 1980, federal spending has risen from 2.2 percent of GNP in 1980 to 25 percent in1983. Moreover, regulatory re- form has been more modest than expected. Finally, mon- etary policy has been

Title: CRS84798Lpage85
Page from: info:fedora/mu:77086
Text: regulations using cost-benefit analysis, but notes that the first major rule so evaluated elicited cost-beneﬁt ratios vary- ing by 8,000 percent. On the negative side, the administration has adopted a narrowly “pro-industry” stance in regulating industries, favoring regulations that reduce competition and opposing deregulation that might increase competition. Thus price-ﬁxing by in- ternational airlines

Title: CRS84798Lpage86
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Title: CRS84798Lpage82
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Title: CRS84798Lpage84
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Title: CRS84798Lpage80
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Title: CRS84798Lpage63
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Text: ing in 1983. In Presidential Economics, Herbert Stein, perhaps the most tradi- tional of -Republican economists who served under Nixon and Ford, laments the failure of Reagan to adhere more _\fa‘thf“nY \ to the traditional conservative /jzreed. His tendentious and mildly te- dious book chronicles postwar Republi- can €COl10lTllCS,. beginning with the 5;- senhower Administration. Together

Title: CRS84798Lpage65
Page from: info:fedora/mu:77086
Text: . Poorer Americans have been organiz- ing. During the past three years over 1 million blacks have registered to vote, the vast majority of them poor and working class. That is the greatest progress in voter registration made by the black community since the early 1960s.. According to the Joint Center for Political Studies, almost 10.5 million blacks are now registered, out of 17.6 million blacks

Title: CRS84798Lpage67
Page from: info:fedora/mu:77086
Text: 335).. 313.95 Near the end of his second year inpffice. John Kennedy proposed a dramatic re- duction in federal income-tax rates. The maximum rate. applied to income above $200.0tX). would fall from 9l percent to 70 percent. and down through the rest of the income, distribution. rates would be cut by an average of 20 percent. Cor- porate taxes were to be cut. too. The reductions were enacted soon

Title: CRS84798Lpage66
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Title: CRS84798Lpage64
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Title: CRS84798Lpage62
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Title: CRS84798Lpage69
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Text: evidence that American rates had reached that onerous point. (A3 W. W. Rostow points out. "013 NOD07‘ tlon of our (and taxes) ﬂowins to lot’- 9

Title: CRS84798Lpage61
Page from: info:fedora/mu:77086
Text: THE END OF REPUBLICAN ECONOMICS The Supply-Side Revolution: An Insider's Account of Policymaking in Washington by Paul Craig Roberts if _g _/Harvard University Press, 328 pp., $18.50) Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond by Herbert Stein ‘(Simon and Schuster, 414 pp., $16.95) Presidents typically try to arrange things so the economy booms

Title: CRS84798Lpage114
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