Who Needs' em?

Reagan rebuffs his economists

"As far as I'm concerned, you can throw it away."

Treasury Secretary Donald Regan made that stunningly blunt remark last February in an effort to disown the 330-page annual report issued by the President's Council of Economic Advisers. The study had warned about the danger posed by the Administration's huge budget deficits. The White House last week went a giant step further, revealing that it may want to discard not only the council's embarrassing statements but the panel itself. The disclosure marks a historic nadir in the influence of the CEA, which was established by Congress in 1946 to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!