“Reagan’s deficit policies allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,”
This quote is from an op-ed in the New York Times Sunday by Ronald Reagan’s budget director who served him from 1981-1985. He left in a protest over deficit spending.
The Center on Budget Policy and Priorities projects that Bush’s wars and tax cuts for the wealthy will count for one-half of the national debt in 2019.
Reagan and Bush were not the only Republicans he singled out for poor economic policy. About last year’s Presidential candidate, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”
In other sections of his article he claims that instead of cheering for record stock market gains, we should be fearful. In the last 13 years the market has twice plummeted, and he expects it to happen again. He says that these are not “real” gains. They are merely the result of a flood of “phony” money from the Federal Reserve.
Stockman berates congress for not finding a way to slow government spending. He says they must pass legislation that both slows the growth of a welfare state and increase income through taxation. Stockman said we are going to see another “burst of the bubble”, and this time there will be no bailouts.
Although he is a critic of past Presidents and policy makers from both sides of the aisle, he claims that the destruction of our economy began with Reagan’s belief that “deficits don’t matter”.
I guess Boehner and his TEA Party cohorts never got that Reagan memo.
Columnist-The Guardian Express