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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
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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

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
Page from: info:fedora/mu:77086
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

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