page 2
daily ncbraskan
thursday, decembcr 3, 1981
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Reagan's economic policies
debated by UNL professors
By John J. Jesse III
UNL professors in economics and
finance debated many of President Regan's
economic policies Tuesday.
The debate, sponsored by Delta Sigma
Pi, business honorary, pitted economics
professors Wallace Peterson and Jerry Petr
against Craig MacPhcc and finance profes
sor Tom Zorn.
MacPhee said that although restrictive
monetary and fiscal policies have been
tried in the past, these were concerned
with the short-term outlook.
"The prevailing attitude of the country
today is that inflation is expected to con
tinue," MacPhee said, "This counteracts
the progiams of restraint, as workers keep
demanding wage increases. Consistent
restraint tor a long-term period is needed
if inflation is to be brought under control."
He said Rcaganomics docs have
problems, even though the administration's
policy has been one of "good, gradual re
straint." "So far, the government has not
reduced spending enough to make fiscal
control pay," MacPhee said. "Also, the
budget should be decreased by 2Vi times
what has been cut already to make up for
tax cuts if the budget is to be balanced."
Peterson said the fundamental philo
sophy behind Reaganomics is that govern
ment spending is out ot control and must
be checked. However, the only times in
our history when government spending has
increased drastically has been during reces
sions or wars. He said there is no evidence
that goverment spending increased faster
than other types of spendings.
"The real purpose of Reaganomics
seems to be an attempt to bring a redistri
bution of wealth to those at the top at the
expense of those at the bottom." Peterson
said. "If followed extensively, these polic
ies can lead to a ruination of stability in
the economy, plus long-term social conse
quences if social programs continue to be
cut."
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With these tax cuts, it will be nearly
impossible for the government to do any
thing," Peterson said. "The administra
tion will not be able to aid the economy,
wliich will have adverse ettccts since a
market system such as ours needs govern
ment intervention."
Zorn said it was irresponsible to charge
Reagan with being out to "get" the poor.
He said that the major problem with the
economy is that the political process plays
too major a part in deciding economic
courses of action.
"Because all decisions are made in a
political context, there is often a discre
pancy between intentions and results.
Thus, with less government intervention,
which is what is advocated by Reagan, con
sistent policies concerning economics can
be implemented and followed for a long
period of time, so inflation will begin to be
brought under control," Zorn said.
Petr said the most favorable inter
pretation of Reaganomics is that "it is a
colossal misunderstanding of the economy
and society in 1981."
"Reagan's admnistration has demon
strated that taxes cannot be cut and the
budget balance if military spending is in
creased," Petr said. "He has also shown
that enhancing the incentive to work is no
damn good if there are no jobs available.
Right now, there exists the possibility of
this country containing a very dangerous
army of 8 million unemployed."
Correction
A front page story in Wednesday's Daily
Ncbraskan incorrectly reported the hours it
would take for band members to get to Mi
ami. The bus trip will take 36 hours.
There also was a misquote in the article.
A message sent Tuesday to the director of
the School of Music from an undetermined
source said, "If you are concerned with the
future of the band, you'd better cut out
the bad press."
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