Economic Choices 1987

Economic Choices 1987

Economic Choices 1987

Economic Choices 1987

Excerpt

THE HUGE DEFICIT in the federal budget has damaged the ability of U.S. industries to compete in world markets and threatens the long-run health of the economy. In Economic Choices 1984 a group of Brookings Institution staff members presented a plan to balance the budget by cutting spending and raising taxes. Since then, concern over the deficit has mounted and some progress has been made in reducing it. Nevertheless, the deficit for fiscal 1986 is likely to remain over $200 billion. In desperation, Congress and the president agreed to an extraordinary new procedure for balancing the budget, the Gramm-Rudman-Hollings act.

In this book, six Brookings economists take a new look at the state of the economy, the budget deficit, and the budget process. They present a new plan for reducing the deficit, a plan they believe is preferable to either the proposals made by the Reagan administration or the results of the Gramm-Rudman-Hollings procedures.

Henry J. Aaron, Harvey Galper, Joseph A. Pechman, George L. Perry, and Charles L. Schultze are senior fellows in the Brookings Economic Studies program; Alice M. Rivlin is director of the program. They benefited greatly from frequent consultations with their colleagues at Brookings, especially Alan S. Blinder, Barry P. Bosworth, Ralph C. Bryant, and Robert D. Reischauer. They also received valuable comments from Joseph J. Minarik, John Palmer, Isabel Sawhill, and Charles Stone from the Urban Institute, and from Valerie Amerkhail and Rosemary Marcuss of the Congressional Budget Office.

Research and programming assistance was provided by Charles R. Byce . . .

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