John Foster Dulles: The Road to Power/The Past Has Another Pattern: Memoirs
Pruessen, Ronald W. & Ball, George W.
EDITORIAL
(continued from page 6) remains unutterable on Capitol Hill of course is frugality. Government has already cut to the bone, the pols lament, and thus the consensus view in our lovely...
...TIME ORDER FORM SUPPLY-SIDE ECONOMICS: A CRITICAL APPRAISAL 512 pages...
...Milton Friedman dismisses such forecasts as "not worth the paper they are printed on...
...Last year they were predicting that interest rates could not decline in times of high deficits...
...Today such people, many for the first time in their lives, thump for balanced budgets...
...D $27.50 (hardcover) D $12.00 (softcover) Name - Address Please send payment with the order form and add $1.50 per book for postage...
...Supply-Side Econo• mics: A Critical Appraisal fully meets these tests...
...Mail to UNIVERSITY PUBLICATIONS OF AMERICA 44 North Market Street Frederick, MD 21701 (301) 694-0100 THE AMERICAN SPECTATOR APRIL 1983 49...
...Its publication is an important event...
...0 Over twenty leading economists-including two Nobel Prize winners, the principal architects of supply-side theory, key Reagan administration officials, and spokesmen for opposing theories-have contributed essays to this first comprehensive assessment of supply-side economics by both advocates and opponents of the doctrine...
...They predicted about the same for inflation...
...Actually a reader of chicken entrails could make excellent use of these fellows...
...These and other questions are examined by Arthur Laffer, Lester Thurow, James Tobin, Lawrence Klein, Otto Eckstein, Paul Craig Roberts, Robert Heilbroner, Walter Heller, George Gilder, Norman Ture, and others in this new collection of timely and thoughtprovoking essays...
...Government has already cut to the bone, the pols lament, and thus the consensus view in our lovely capital is that cuts must be made instead in the incomes of the private citizens of the middle class...
...How does it relate to productivity, economic growth, tax cuts, and Britain's "Thatcher experiment...
...Nor can they find any waste anywhere other than at the Pentagon...
...Will it finish under $900 billion...
...The pols and pundits now bewailing the projected deficits are many of the same people who, back at the dawn of fiscal 1983, prescribed a tax increase to reduce the projected deficit of $91.5 billion...
...A book which contains a statementof the case and examines some of the issues thoughtfully and critically, by authors reflecting a wide range of views, is important...
...Such forecasts are always inaccurate...
...Moreover, the whole debate has been hampered by lack of a well-organized articulation of what supply-side economics is really all about...
...Leonard P. Liggio President Institute for Humane Studies This new collection of essays turns out to be a lively debate on supply-side theory and its application in Ronald Reagan's Washington...
...The non-defense portion of government spending has grown from 15.8 percent of GNP in 1979 to 18.5 percent in fiscal 1983...
...Deficits distress them...
...It will be required reading for anyone who wishes to keep current on the subject...
...It grew to $728 billion...
...Whoever is right, the arguments are worth reading...
...It is now estimated at $805 and still growing...
...Notwithstanding the lurid fact that non-defense spending has in real terms more than doubled since 1970 (defense costs have actually declined), the spendthrift pols insist that there is not one social program that has shown itself ineffectual or illconceived and ready for the junk heap...
...It continues and not because of national defense appropriations...
...Paul W. McCracken The University of Michigan .Former Chairman, The President's Council of Economic Advisers This is the most important book on supply-side economics to appear so far...
...but whether Reaganomics is right or wrong its opponents have been proved equally wrong, and sometimes more so...
...Their solution is elimination of the third round of the Reagan tax cuts and the elimination of indexed taxes, which protect taxpayers from surreptitious tax hikes during times of inflation...
...For fiscal 1984 the President asks $848.5 billion...
...Since 1979 the private portion of GNP has declined by some four percent...
...Their genius is for taxing, spending, and getting re elected...
...Reaganomics, they believe, has been proved wrong...
...It is wrong for them to treat deficit forecasts as though they were gospel...
...The economist Alan Reynolds tells us that the forecasts of the Office of Management and Budget have come within 25 percent of an accurate figure only three times in the last 14 years...
...The term today is utterly devoid of meaning, the pols and pundits having mutilated it beyond recognition in their polemical struggles...
...Presenting conflicting evidence to these people is a futile business...
...What is supply-side economics really all about...
...This is the popular Washington view...
...By making predictions exactly opposite theirs one will be accurate almost 100 percent of the time...
...For fiscal 1982 the Reagan Administration estimated a budget of $695 billion...
...Available now...
...Reviewed in THE WALL STREET JOURNAL: Supply-side economics isn't riding quite so high today, but the subject isn't going to fade away, because the problems it addresses remain urgent...
...They got a $100 billion tax increase last summer and more tax increases in the fall and winter, yet their deficit doubled...
...With prices decelerating these increases are actually larger than they appear...
...and practically everyone who holds it is possessed of a brain whose every shelf, nook, and cranny has been stocked by the Zeitgeist...
...Furthermore it is wrong to believe the miser Reagan has halted government growth...
...If informed that government spending is out of control their ideologized minds go numb...
...Has the Reagan administration adopted too much of the supply-side doctrine, or not enough...
...How long can a shrinking David carry a fattening Goliath...
...For fiscal 1983 the government estimated a budget of $725 billion...
...The fact is that the Good Samaritans on Capitol Hill have no notion of economizing...
...EDITORIAL (continued from page 6) remains unutterable on Capitol Hill of course is frugality...
Vol. 16 • April 1983 • No. 4
