A former adviser of Ronald Reagan has some choice words for George W. Bush.
David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”
“(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,” Stockman wrote.
Stockman, also a former Republican congressman from Michigan, resigned from Reagan’s administration in 1985 in protest over deficit spending. Bush and Reagan aren’t Stockman’s only targets in the piece; he attacks lawmakers, Federal Reserve and Treasury officials and Wall Street for a combination of easy money and deficit expanding policies that he argues will lead to another Wall Street bubble explosion in the near future.
Stockman may have a point when it comes to Bush’s policies, at least. The cost of the wars in Iraq and Afghanistan combined with the Bush-era tax cuts for the wealthy will account for nearly half of the debt the U.S. will owe by 2019, according to a February analysis from the Center on Budget Policy and Priorities, a left-leaning think tank.
Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, 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.”
Sentiment: Strong Buy
I remember it well. My Masters - MBA with emphasis in finance and econ. - taught me that econ, needs both supply side and demand side. One word for Reagan's econ. policy: "VOODOO ECON.": Trickle down didn't work then and still didn't under GW Bush. Economics needs both demand and supply curves. Tweek it with all the various variables in the GNP equation which can be tweeked to maximize employment, growth and revenue minimize expenses with basic calculus! As Clinton said,' Itt's called arithmetic." It is not the kitchen table, as simpletons Rand Paul, Paul Ryan, Boehner, Graham believe. As Cheney said, in govt. "Defcits don't matter!" I agree - but only up to a point... To that point , GW and he overreached by far to far. Created bureucracies and enlarged govt. by creting more agencies which cost us way too much plus those horrid wars one of which was pre-emptive. Both cost the world in treasure and hunman life - wounded multitudes incuding our own GIs whom GW and Cheney shamelessly forgot. Not one coffin welcomed home by them! Rather, they were hidden from view. We are slowly climbing out of that quagmire... Hold on. This takes time... We Americans have such short memory - a bit of amnesia. Ryan read Ayn Rand - a requirement while I was in high school. He is certainly NOT an economist! She a reformed communist! Simplistic ... WE need real economists in Congress on budget committees.... Not a person whose bible for econ. is Ayn Rand. Gosh oh gee....
Tell us about your Repubs. don't spend and who wish for small or no govt. who shamelessly spend away on the Pentagon and further enhanced our military industrial complex. Contrast that with really responsible Republicans, Ike Eisenhower - stimulus spending & econ. with his ambitous interstate highway program which actually employed many and benefitted us all. WE need to put people to work, too! Another, Teddy Roosevelt - Trusttbuster. Contrast that with GW/Cheney gave huge mega businesses tax breaks and encouraged their bigness & who built more new huge govt. beauracracies i.e. HLS, TSA, Patriot Act which tramples all over our U.S. Constitution. They expanded govt like no others in our time. They spent, squandered & wasted our surplus treasure. They recklessly & shamefully spent the very lives of our dedicated young men and women. Yet, they complain about the poor who use about 1 - 1 1.2 % of our treasure. Education and health take much less than the Pentagon and the newly created beauracracies! US spends a pittance on education and health - an obscene amount on the behemoth that is our - yes, our war machine!