Economic Choices 1984

Economic Choices 1984

Economic Choices 1984

Economic Choices 1984

Excerpt

BY ADOPTING economic policies that resulted in large federal deficits and high interest rates, the United States has made a poor choice. Sharp reductions in these deficits would improve the chances for economic growth and restore the ability of U.S. industries to compete in world markets. But deficits cannot be brought down without cutting spending and raising taxes. The choices are painful.

The authors of this volume present a plan that would not only reduce deficits but also increase future flexibility in domestic spending, improve the effectiveness of defense expenditures, and reform the federal tax system. They also offer suggestions for coping with structural change in American industry and reversing recent increases in poverty. They offer their plan as a contribution to the national debate on economic choices that is sure to occur during the 1984 election campaign and in the next Congress.

The contributors to this volume are all members of the staff of the Economic Studies program at Brookings except for William W. Kaufmann, who is a consultant to the Foreign Policy Studies program and a member of the faculty of the Massachusetts Institute of Technology.

The authors are grateful to the following for helpful comments and criticisms on earlier drafts of these chapters: Alan J. Auerbach, Marc Bendick, Jr., Martin Binkin, Gary Burtless, Sheldon V. Danziger, Larry L. Dildine, Peter Edelman, Robert J. Flanagan, Irwin V. Garfinkel, Paul B. Ginsburg, Peter Gottschalk, Daphne T. Greenwood, Daniel I. Halperin, Robert W. Hartman . . .

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