Summary

PRESIDENT REAGAN’S TOP ECONOMIC ADVISORS SAY WE’RE MAKING GOOD PROGRESS AGAINST THE NATIONAL DEFICIT BECAUSE OF THE ADMINISTRATION’S PRO GROWTH POLICIES.

Source CONUS Archive
Record ID 330259
Story Slug REAGAN ADVISORS ON ECONOMY (1988)
Location WASHINGTON, DC
Format TVD
Date 07/28/1988
Archive Time 4:10
TRT 3:38
Supers James Miller Dir., Office of Management and Budget Beryl Sprinkel Council of Economic Advisors
Video Description MILLER SOT, SPRINKEL SOT, CUTAWAYS, MILLER SOT
Description PRESIDENT REAGAN’S TOP ECONOMIC ADVISORS SAY WE’RE MAKING GOOD PROGRESS AGAINST THE NATIONAL DEFICIT BECAUSE OF THE ADMINISTRATION’S PRO GROWTH POLICIES.
Script (SUGGESTED TRANSCRIPT OF AUDIO) 00:00 $27.7 billion lower than the fiscal year 1987 deficit, $29.6 billion below our estimate of the fiscal year 1988 budget. In other words, we see the deficit continuing to decline primarily because with economic growth, the wonderful, strong numbers that have come forward in the last several months, reflecting the fine policies, very strong pro growth policies of this administration. We see the deficit narrowing, even though that outlays continue to rise. Now, why the difference between the 129.5 Well, it was a combination of factors, economic growth again, the fact that we have higher economic growth than we had projected. Remember, when we went up to Capitol Hill on last February with the budget, people said it was rosy scenario. We couldn't possibly have the economy grow as fast. It turned out the economy has been even stronger than we had anticipated. Economic growth the figures, even of yesterday, that are not reflected in our estimates here, bolster, even more firmly, the figures that we have, the optimism that is shown that is justified their tech nurse has on its list right now and avoid a sequester, or put another way, if Congress passed and enacted all the things on its list right now. The major things that are coming up on its list right now, we'd have a sequester. Congress has got to pare down and make sure that it doesn't go over those limits. And that's that's extremely, it seems to me, extremely important for everyone in Congress to understand there's not a free we've taken a lot of shots on our economic assumptions, and it turns out the economy is roaring. It's moving faster. It's creating more jobs than we projected, and I think we ought to get some credit for that 01:51 so far this year. And I don't think that's an accident, as Jim alluded. It's clearly due to the basic thrust of President Reagan's policies, which have been very firmly set from the beginning january 1981 to focus not on fine tuning, which has never worked in the past and has brought on volatile economic performance, but to focus on incentives, cutting taxes, keeping markets flexible, restraining government. It's working, and it's very important that we continue that thrust into the future, 02:26 meaning the economic expansion that we've experienced this we're in. You know this, this is a record economic peace time, economic expansion this country. I won't, no, well, I, I don't think that the Vice President has promised too much, but I will say this, I read the platform of the Atlanta convention, and I heard what they said, and I'm just here to tell you, I don't think that they can do what they say they're going to do and do and accomplish any reduction of the deficit without raising taxes. And I think tax increase a is not needed and B would be terribly counterproductive. You will see that revenues go up by 60 to $70 billion a year just from economic growth. I think it's that we realize how, how the policies of budget restraint and tax cuts, stable monetary policy and regulatory relief, how important those have been in explaining the speaking of reasonable 03:30 expectation for long term growth to achieve this 3.0% growth that is.
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Keywords

ECONOMY
PRO GROWTH
DEFICIT
JAMES MILLER
BERYL SPRINKEL
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