WHAT'S AHEAD FOR THE ECONOMY: The Challenge and the Chance

by Louis Rukeyser ‧ RELEASE DATE: Oct. 28, 1983

The nimble host of PBS-TV's Washington Week in Review fires off his own ideas for economic regeneration on ten broad fronts--from educating the populace to individual investing--which, despite some specific points-of-difference, amount generally to Reaganite goals reached by both supply-side and monetarist means. Thus Rukeyser is for cutting taxes sharply--the 1981 cuts were but a token (offset by Social Security increases and bracket creep), the 1982 turnaround was a disaster--and also for reducing deficits; but a temporary deficit, from a tax cut, is not the same thing as a running deficit, from government spending. (And deficits can also be financed less damagingly in a recessionary period.) ""Yeah, but where would you cut?"" Much talk--much, much talk--about Reagan's correct aims and mistaken, ""politics as usual"" policies. Rukeyser would cut, first and foremost, entitlement programs ""that benefit people of average and above-average incomes"" (not ""the impoverished few""): i.e., Social Security, retirement and disability benefits, Medicare, veterans' benefits, railroad retirement and Federal employees pensions. ""Other areas for fruitful nibbling"" range all over the budget (farm subsidies, ""illegal food-stamp abuse,"" college-student loans) and don't exclude the military--quite. On monetary policy, time has proven Milton Friedman more right than wrong: we probably couldn't do better than with slow, steady growth in the money supply. On banking and credit, kudos for deregulation and for those who compete for our business. On labor, slaps at union leadership and a call for non-confrontational labor-management relations. (On unemployment, are all the unemployed ""genuinely unable to find work""? Aren't young blacks victims of the minimum wage?) Also not new are Rukeyser's views on regulation and subsidies (no, he wouldn't have bailed-out Chrysler), on energy, foreign economic policy, or individual investment (in the '80s, common stocks). A snappy delivery, ""American optimism,"" and no apologies--but little original thinking or substance either.

Pub Date: Oct. 28, 1983

ISBN: N/A

Page Count: -

Publisher: Simon & Schuster

Review Posted Online: N/A

Kirkus Reviews Issue: Oct. 1, 1983

Categories: NONFICTION