Peter Bernstein and Robert Heilbroner's book _A Primer on Government Spending_
was read by JFK, who even found a small mistake in it, and who held it in his
hand while appearing on tv speaking about tax cuts. When Bernstein and
Heilbroner did _The Deficit and the Debt: False Alarms, Real Possibilities_ in
the mid-80s, it upset a lot of Dems because they thought it would take the wind
out of the sails of their critique of the Reagan administration for being
"fiscally irresponsible" for running big budget deficits (despite the fact that
the Reagan cuts were supposed to be supply-side not demand-side, they didn't
intend to run deficits, they changed the composition of spending away from
social programs and toward military, and they had tight monetary policy
offsetting the fiscal stimulus). This was the beginning of the end of sensible
fiscal policy--since then, the two parties have been trying to out "fiscally
responsible" one another, with everyone a deficit hawk now. Reading people like
Samuelson, Tobin and others from the early 60s on functional finance their work
would sound downright left relative to the current fare. Just shows how much to
the right everything has shifted.
From: Michael Perelman
Subject: Where are the economists?
Beginning with the Kennedy administration, large numbers of economists
penetrated the highest reaches of government -- far more so than during
the New Deal. I remember in issue of Life Magazine or Look Magazine
from during the Kennedy years with a cover plastered with pictures of
all the economists in major government positions. This trend probably
reached a high point during the Carter administration, when maybe five
or six cabinet posts were held by economists. Reagan continued with
people like George Shultz and Schlesinger -- who really didn't do whole
lot in economics proper. Clinton does not seem to have any economists
other than our beloved Secretary of the Treasury, and he only came late
in the administration.
I would really appreciate if someone knew how to locate the magazine.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
