By Martin Feldstein
Destined to turn into the normal consultant to the industrial coverage of the USA throughout the Reagan period, this booklet presents an authoritative checklist of the industrial reforms of the 1980s.In his creation, Martin Feldstein presents compelling research of regulations with which he was once heavily concerned as chairman of the Council of monetary Advisers throughout the Reagan management: financial and alternate expense coverage, tax coverage, and funds concerns. different best economists and policymakers study numerous family and overseas matters, together with financial and trade expense coverage, rules and antitrust, in addition to exchange, tax, and price range policies.The individuals to this quantity are Alberto Alesina, Phillip Areeda, Elizabeth Bailey, William F. Baxter, C. Fred Bergsten, James Burnley, Geoffrey Carliner, Christopher DeMuth, Douglas W. Elmendorf, Thomas O. Enders, Martin Feldstein, Jeffrey A. Frankel, Don Fullerton, William M. Isaac, Paul L Joskow, Paul Krugman, Robert E. Litan, Russell B. lengthy, Michael Mussa, William A. Niskanen, Roger G. Noll, Lionel H. Olmer, Rudolph Penner, William Poole, James M. Poterba, Harry M. Reasoner, William R. Rhodes, J. David Richardson, Charles Schultze, Paula Stern, David Stockman, William Taylor, James Tobin, W. Kip Viscusi, Paul A. Volcker, Charles E. Walker, David A. clever, and Richard G. Woodbury.
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Additional info for American Economic Policy in the 1980s (National Bureau of Economic Research Conference Report)
Whether the sharply reduced personal income tax rates of the 1980s will remain in the 1990s is now uncertain. 3 Government Spending and Budget Deficits The budget deficit was the primary problem that concerned me during my two years as CEA chairman (from mid-1982 to mid-1984) and was a continuing source of controversy with some of the other members of the Reagan administration. Even now, a decade later, the deficit remains a major problem that I would regard as the significant negative legacy of a decade of otherwise generally favorable policy developments.
20. For a discussion of the evolution of the tax changes proposed by the Treasury staff as part of the TRA86 legislative process, see the chapter in this volume by Fullerton. 33 American Economic Policy in the 1980s: A Personal View an antibusiness tax reform bill. In part, this reflected the president’s primary interest in personal rather than business taxes and his great desire to reduce the top tax rate. Increasing the corporate tax by $25 billion a year or approximately 25 percent was of course opposed by those businesses that would expect to pay higher taxes.
The result was an enormous budget deficit that continues until the present. The failure to correct the deficit reflects a complex mix of personal, political, and economic factors. Before trying to unravel them, I begin with a brief overview of the changes that occurred in the pattern of government spending. I then discuss the role of economic analysis in shaping the changes in the components of government spending. After that, I look in detail at two aspects of budget policy that were important during my years in Washington: Social Security reform and the attempted reform of Medicare and the tax treatment of health insurance.
American Economic Policy in the 1980s (National Bureau of Economic Research Conference Report) by Martin Feldstein