George Shultz, a former Treasury secretary and now an adviser to Ronald Reagan, yesterday called the economic policies of the Carter administration "virtually insane" and said that fiscal 1981 budget -- despite being labeled as balanced -- will wind up with a deficit of more than $50 billion.

Shultz, appearing on NBC's "Meet the Press," also suggested that the unemployment rate might climb over 10 percent, giving the nation double-digit figures in interest rates, inflation and unemployment.

"I think the policies that are being followed by our government right now are virtually insane," Shultz said. "There is no way to balance the budget when we have a recession of the dimensions that we are starting into right now . . . Whoever heard of that kind of an economy going into a recession?"

Shultz said that under the leadership of Reagan, the government would move to reduce taxes as they hit "productivity-generating investment," and would "make sense out of the regulatory overlay that goes across our entire economy."

Echoing Reagan, Shultz said that the American automobile industry has been regulated to death," and called the federal government's Chrysler bail-out package a mistake. Asked about Reagon's view of the Chrysler aid effort, Shultz said he thought Reagan instinctively -- "as I have listened to him" -- would have opposed the plan.

Commerce Secretary Philip Klutznick, appearing on ABC'S "Issues and Answers" said yesterday that a tax cut is not practical before 1981.

But Klutznick said that "there are factors which suggest that sometime next year, it may be very desirable to have a tax cut." He said that government agencies were studying the type of tax cut that might be worthy of administration support, if such a proposal were put forward.