Reagan's Top Economist, David Stockman, Says GOP Misled the U.S. and Tanked the Economy
Source: MarketWatch, August 10, 2010
Lost in the 24/7 news cycle has been a July 31, 2010 opinion-editorial by David Stockman, former director of the Office of Management and Budget under President Ronald Reagan. Stockman was closely tied to the development of the Reaganomics ideology, but now he points to massive failures by Republicans, while they were in power, to assure that financial accounts were balanced in government, international trade, on the ledgers of central banks and in the affairs of private businesses and households. Stockman excoriates modern Republicans, and particularly Senate Minority Leader Mitch McConnell, for claiming the party's current economic doctrines as rooted in traditional GOP financial philosophy. He points to a list of misguided Republican actions that have led the country to economic disaster: Richard Nixon's gold policies that contributed to the country living beyond its means, the runaway growth of public debt resulting "not from big spending by the Democrats, but instead the Republican Party's embrace ... of the insidious doctrine that deficits don't matter if they result from tax cuts," the neocon's sky-high inflation of the military budget, the "warfare state," the removal of traditional restrictions on leverage and speculation by the financial sector which led to a "vast, unproductive expansion of our financial sector," and the steady sending of jobs and production offshore. Stockman charges that Republicans have strayed so far from their ideological roots that they have "made a mockery of party ideals" and led the country into adopting policies that have crippled our economy.
My name is Patrick M McCormick and I have created this blog as a platform for my political views as well as those of select contributors.
I believe that American Politicians have lost sight of their goal: To uphold the Constitution and protect the rights of the people of the United States. They argue and bicker on the floor of their respective houses, positioning themselves for the next election, while they accomplish very little business for the citizens of this country.
Meanwhile our economy is sliding downward. Millions of our precious jobs have have been exported overseas. Our social safety net and other public services are being cut. Our middle class is rapidly disappearing and the numbers of citizens existing below the poverty line is increasing dramatically.
I plan to examine the causes of these terrible changes to our American way of life. Your comments will help us all arrive at some important conclusions.