Thank you for your letter of July 20 expressing your desire, which we had previously discussed, to return to Washington University. It is with deep regret that I honor your request and accept your resignation as Chairman of the Council of Economic Advisers effective September first.
I shall always appreciate the extraordinary contributions you have made to the formulation, advocacy, and refinement of all elements of our Economic Recovery Program. You have applied not only the tools of economics, but also prudent judgment, to the analysis of the economic challenges facing America at home and abroad.
In Cabinet Council deliberations, in consultations with the Federal Reserve, in the work of "the Troika," in public testimony, and in contexts as diverse as O.E.C.D. and the Oval Office, yours has consistently been a voice of balance.
We will all miss you—and your remarkable ability to combine clarity of insight about the "dismal science" with unfailing good humor.
As you return to your academic and private professional practice, Nancy and I wish you the very best.
With thanks for a job well done,
[The Honorable Murray L. Weidenbaum, Chairman, Council of Economic Advisers, Washington, D.C. 20506]
July 20, 1982
Dear Mr. President:
It is with very considerable reluctance that I tender my resignation as Chairman of the Council of Economic Advisers. It has been a special privilege to serve in your Administration during this period of fundamental change in economic policy. Yet the time has come for me to return to Washington University, which is expecting me to be on campus in September.
Although the difficult adjustments are tar from complete, I believe that it is becoming clear that your Economic Recovery Program is succeeding in shifting the balance of power from the Federal government to the private sector. Important progress has been made in achieving this objective on all four fronts: reducing the average citizen's tax burden, slowing down the growth of government spending, reforming the costly and burdensome regulatory apparatus, and moderating the growth of the money supply.
From the outset, we have said that yours is a long-term program, unlike the quick fixes of the past. The substantial reduction in inflation is heartening evidence of the progress that has been made. Yet the overall condition of the economy underscores both the difficulty of carrying out fundamental changes as well as the continuing need to move ahead on each of the four key aspects of economic policy in order to achieve your basic goal of restoring the economic strength of our country.
I will carry with me many fond memories of working with you and the outstanding people that you have attracted in your Administration. I leave you with the best of wishes for your continued health, happiness, and success.
MURRAY L. WEIDENBAUM
[The President, The White House]