The Secret to Budget Cuts

It might have been sheer coincidence that President Reagan s first official act after his close brush with death last week was signing a bill for a $147 million reduction in dairy price supports But don't bet on it. Later in the week the Senate approved, by a vote of 88 to 10, $36.9 billion in budget reductions. Alan Greenspan, former chief economist to President Ford and a member of TIME'S Board of Economists, explains the surprising ease with which the budget cuts are passing in Congress:

Western democracies have for years been...

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