1. Timothy B. Clark, "Carter's Election-Year Budget—Something for Practically Everyone," National Journal, February 2, 1980, p. 187. [BACK]

2. See Council of Economic Advisers, Economic Indicators, February 1981 (Washington, D.C.: U.S. Government Printing Office, 1981). [BACK]

3. George H. Gallup, The Gallup Poll: Public Opinion 1979 (Wilmington, Dela.: Scholarly Resources, 1980), pp. 278-79. Gallup publishes a volume each year that summarizes major survey results in chronological order. This was Survey #141-G, reported November 15, 1979. [BACK]

4. There is no other way to make sense of his choices. For his own testimony, see Jimmy Carter, Keeping Faith (New York: Bantam Books, 1982), pp. 21, 73, 77, in which he mentions how he disagreed with liberals when he took office. Also see Steven R. Weisman, "With New Budget Due Today, McIntyre Gains as a Carter Aide," New York Times, January 28, 1980, pp. A1, D11. [BACK]

5. "Post Interviews Kennedy, Brown," Washington Post, January 20, 1980, pp. A1, A8. [BACK]

6. George H. Gallup, The Gallup Poll: Public Opinion l980 (Wilmington, Delaware: Scholarly Resources, 1981), Survey #150-G, Reported March 30, 1980, pp. 72-79. [BACK]

7. Gallup Poll, 1979, Survey #142-G, Reported December 16, 1979, pp. 289-90. [BACK]

8. James Fallows, "Is It All Carter's Fault?" Atlantic Monthly, October 1980, p. 47. [BACK]

9. Albert R. Hunt, "Do Pollsters—and Iowa—Confirm a GOP Tide?" Wall Street Journal, January 24, 1980, p. 20. [BACK]

10. President's message, excerpted in New York Times, January 29, 1980, p. B9. [BACK]

11. Timothy B. Clark, "Carter's Election-Year Budget—Something for Practically Everyone," National Journal, February 2, 1980, p. 176; "Learning to Love Stagflation?" p. 16, and "It's a long way to October," pp. 29-30, in The Economist, February 2, 1980. [BACK]

12. John M. Berry, "Creating Economic Slack Cornerstone of Policy," Washington Post, January 31, 1980, pp. D9-D10. [BACK]

13. Robert J. Samuelson, "The CEA's Economic Report Is Filled with Uncertainties," National Journal, February 2, 1980, p. 182. See also Berry, "Creating Economic Slack," Washington Post, January 31, 1980; and Steven Rattner, "The Risky Politics of Recession," New York Times Magazine, May 11, 1980, pp. 20-23, 28, 78-79, 82-83. [BACK]

14. "Learning to Love Stagflation?" The Economist, February 2, 1980, p. 16. [BACK]

15. "A Budget of Two Big——," Time, February 4, 1980, pp. 66-67. [BACK]

16. "The Unbalanced Budget," Newsweek, February 4, 1980, pp. 59-60. [BACK]

17. "Imprudent and Irresponsible," editorial, Wall Street Journal, January 29, 1980, p. 18 (emphasis added). [BACK]

19. Steven Rattner, "Economists Say Carter's Budget Plans Are Unrealistic," New York Times, February 25, 1980, p. A15. Also "The Hesitant Recession," Time, February 28, 1980, pp. 76-78. [BACK]

20. "America's bond market crash," The Economist, March 8, 1980, pp. 12-13 [BACK]

21. Lindley B. Richert, "Yields for Long-Term Obligations of U.S. Rise Decidedly Above 11% for the First Time," Wall Street Journal, January 30, 1980, p. 33. [BACK]

22. "The world feels worse after Doctor Volcker's physic," The Economist, February 23, 1980, p. 89. [BACK]

23. Daniel Hertzberg, "Troubled Houses," Wall Street Journal, February 22, 1980, p. 1. [BACK]

24. Isadore Barmash, "Economists Back Fed's Rate Rise, But Some Worry That Inflation Won't Respond," New York Times, February 18, 1980, pp. D1, D3. [BACK]

25. Steven Rattner, "Volcker Discloses Goals for 1980 Money Growth," New York Times, February 20, 1980, pp. D1, D9. [BACK]

26. Art Pine, "White House Aides Debate Budget Cuts In War on Inflation," Washington Post, February 26, 1980, p. A5. [BACK]

27. Ibid. [BACK]

28. "A Lever Against Inflation," editorial, Washington Post, February 24, 1980, p. B6. [BACK]

29. "The Case For a New, and Balanced, Budget," editorial, New York Times, February 28, 1980, A22. [BACK]

30. Harry Anderson et al., "Fighting the Inflation 'Crisis,'" Newsweek, March 10, 1980, pp. 24-26. [BACK]

31. Ibid. [BACK]

32. Steven Rattner, "Anti-Inflation Plan Aims at Psychology," New York Times, March 2, 1980, p. L29. [BACK]

33. Art Pine and John M. Berry, "Carter's Economists Seeking To Balance Budget for 1981," Washington Post, March 4, 1980, pp. A1, A4. [BACK]

34. Richard J. Levine and Robert W. Merry, "Carter's Plan May Calm Markets but Won't Be Quick Fix for Inflation," Wall Street Journal, March 10, 1980, p. 1. [BACK]

35. Ibid., p. 19. [BACK]

36. Jerry Knight, "U.S. Won't Pay Farmers To Plant Smaller Crops," Washington Post, March 1, 1980, p. A6. [BACK]

37. Harry Anderson et al., "Carter's Attack on Inflation," Newsweek, March 24, 1980, pp. 24-30. [BACK]

38. Steven Rattner, "Carter's Proposal to Curb Inflation Accepts Increase in Rate of Jobless," New York Times, March 9, 1980, pp. 1, 31. [BACK]

39. Martin Tolchin, "Budget Conferees in a Balancing Act," New York Times, March 12, 1980, p. A11. [BACK]

40. Our discussion of these negotiations is based on interviews and articles. See Art Pine, "$11 Billion in Cuts Is Agreed On," March 11, 1980, and "Options Narrowed as Time to Unveil Inflation Plan Nears," March 12, 1980, Washington Post; Steven Rattner, "U.S. Weighs Oil Fee as Aid for Budget," March 11, 1980, and "Group in Congress Hears Budget Cuts of Over $11 Billion," March 13, 1980, New York Times; and Martin Tolchin, "Budget Conferees in a Balancing Act," New York Times, March 12, 1980, p. A11 [BACK]

41. Art Pine, "Hill Office Estimates '81 Budget Deficit of $24 Billion or More," Washington Post, March 6, 1980, p. A8. [BACK]

42. Steven Rattner, "Carter Plan is Due Today on Economy; 10¢ Gas Rise Likely," New York Times, March 14, 1980, p. A1. [BACK]

43. See, for example, John Osborne, "Your Friendly Budget," The New Republic, February 2, 1980, pp. 7-9; "It's a long way to October," The Economist, February 2, 1980, pp. 29-30. [BACK]

44. See articles by George C. Wilson, "President Sparing the Pentagon From Budget Scissors," March 5, 1980, p. A4, and "Pentagon Budget Is Stretched Out," March 15, 1980, p. A13, Washington Post. [BACK]

45. Martin Tolchin, "Caution in Congress," New York Times, March 15, 1980, p. A1, A35. [BACK]

46. William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York: Simon and Schuster, 1987), p. 183. [BACK]

47. Ibid., p. 185. [BACK]