Winnipeg Free Press

Winnipeg Free Press (Newspaper) - November 18, 1981, Winnipeg, Manitoba A Winnipeg free november 1981 out by Joan Vennochi Boston Globe a year David a 35 year old former congressman from occupied a unique National position of Promise and Ronald Reagan had just been elected to the sweeping to Victory on pledges to the nation that he would raise defence Cut income taxes and balance the All at the same Stockman was the Man president Reagan chose to pull All the promises together into a program of revolution Ary economic a year despite winning hard fought Battles in Congress the massive budget cuts and tax reductions he proposed As the underpinning of the new As director of the office of management and budget has become the focus of political accused of misleading the american Public about the consequences of his economic he has tendered his res but Reagan has refused stockmans change in Fortune arises from an article published in Thede Cember Issue of Atlantic the education of David written by William an assistant managing editor of the Washington in the Greider portrays Stockman As a Brash and Young who came Back to Washington convinced he had the theories and the practical savvy to turn the nations Economy As the months rolled Stockman became increasingly pessimistic about the policies he was publicly finally acknowledging that they were incoherent and doomed to by last Greider Stock Man knew that the Reagan administrations economic program not working out As intended that the Mas Sive cuts in Federal programs were founded on not sound economic and that Reagan went ahead with the program though he knew the balanced budget he had promised was not in the the article grew out of an ment Greider worked out when Stock mans appointment As budget director first appeared beginning in and continuing Over the next eight the two men met regularly Over breakfast at the Hay Adams in Washington accompanied by a tape the particulars of these conversations were not to be reported until after the seasons Battles were Greider a spokesman for Stockman now that Stockman believed was speaking off the just before taking Over the Job of budget Stockman conceded that reagans Campaign promises were without a firm economic foundation the whole thing is premised on on a belief about How the world Stockman sought to put that Faith to three weeks before reagans Stockman and a Transi Tion team were assembling position papers on program reduction and Stu dying the internal forecasts for the Federal the initial figures were absolutely he told garbage garbage out an bomb programmed to predict the estimate of the Impact of reagans program on the Federal Bud predicted a series of Federal deficits ranging billion in 1982 to billion in 1984 if Reagan went ahead with his promised three year tax reduction and his increase in defence so the first thing Stockman did said was to reprogram the bomb based on new assumptions about lots of jobs and Stockman began sketching billion Worth of budget do you have any idea what billion Means he ticking off the casualties the Federal Highway milk Price social Security student student manpower training and the synfuel Reagan approved the cuts Stock mans next step was to Winthe support of the new Cabinet i have a Little nervousness about the heavy Han redness with which i am being forced to he his goal was to Zero or close As Many programs As possible in one budget despite some resistance from individual Cabinet he succeed by and the Only Cabinet officer unchallenged was the Secretary of defence the Pentagon was allowed to More than double its annual Bud just wish that there were More hours forthe Day or that we didst have to do this so i dont have trying to put this whole package together in three so you just Start making snap Stockman told his breakfast by consumed with the process of lobbying Congress for approval of the administrations budget said called the alternative budget proposal of the democrats political but was not critical of the Stock wrote cheerfully con ceded that the administrations own budget numbers were constructed on similar shaky in Stockman none of us really understands whats going on with All these As Reagan was meeting with Politi Cal Success in wrote was privately staring at another reality a gloomy portent that the economic theory behind the presidents program want the Reagan while winning in was not winning support on Wall Street the financial markets were not launching the historic Bull Market Stockman had predicted for by projections by the non partisan congressional budget office of a continuing deficits of instead of a balanced budget by began to Stockman banked on his theory of magic asterisks to offset those projections putting an asterisk next to future deficit problems he would be taken care of with additional but unspecified budget 1 the members of the Senate budget committee were persuaded to accept the magic at the same Stockman was confessing to Greider that the original Agenda of budget reductions was inadequate to balance the Federal budget by it said that you have to have some recalibration in the the thing was put together so fast that it probably should have been put together Greider said Stockman reached this conclusion with mild at this wrote Rea lose David Stockman says orphans benefits had to go to help him to balance Federal Gans policymakers knew that their plan was or at least inadequate to its promised but the presi Dent went ahead and conveyed the opposite impression to the american in Stockman began to plot the to close the deficit he looked to cuts in social Securi medicare and medicaid putting together a list of 20 social programs that had to be zeroed out i mean really Boodan guts stuff widows benefits and orphans things like and it still didst add up to Stockman knew then he would have to convince the White House that the defence budget must also be Cut to balance the budget by he believed he could convince Reagan and his aides that the defence cuts were they Are now understanding All those Stockman they really thought you could find billion Worth of fraud and As Reagan pushed for his tax Cut plan in Stockman began putting distance Between himself and the suppl Side economic Ive never believed that just taxes alone will cause output and employment to he he agreed that the suppl Side theory was not a new economic theory but merely a new name for the trickle Down theory giving tax cuts to the hoping the benefits would reach every one its kind of hard to sell trickle he so the1 suppl Side formula waste Only Side when the administrations billion tax Cut plan was approved by the con Reagan had won nearly every thing he aimed for in an overwhelming political wrote was surprisingly there was less there than met the he in Stockman lost his bid to convince Reagan to Cut the defence he was Able to convince Cabi net members and the presidents senior wrote he could not convince the Only Hawk who mattered Ronald Stockman was now willing to admit that he did not have All the the optimistic economic projections of last january could not be backed up in inflation was but interests rates were he described a new Outlook to Greider Federal deficits of billion Over each of the next three things might work he said who knows the reason we did it wrong not but less than optimum was that we said we have to get a program out we didst add up the the reasons you buy our toys Are the reasons you should buy Consumers has a reputation for selection and Low that Why people come to us for and its the Best reason we know to buy a Casio watch at our Casio watches Are genuine like everything we we guarantee look on Page 39 of our fall and Winter catalogue for our Complete selection of on the right the newest calculator watch by Casio with alarm Chronograph electronic 171645 Only shown at left the cd water sport Waterproof to 300 171 603 Only Consumers watch genuine Consumers distributing nobody Mokes it easier to 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