Reagan insider: 'GOP destroyed U.S. economy'

Quote : ARROYO GRANDE, Calif. (MarketWatch) -- "How my G.O.P. destroyed the U.S. economy." Yes, that is exactly what David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in a recent New York Times op-ed piece, "Four Deformations of the Apocalypse."

http://www.marketwatch.com/story/...eid=e2eaol

Thanks for nothing GOP :vomit

Quote from 403forbidden : http://www.marketwatch.com/story/reagan-insider-gop-destroyed-us-economy-2010-08-10?siteid=e2eaol Thanks for nothing GOP :vomit

Apparently he forgotten how bad Carter screwed the economy and how Reagan fixed Carter's f-ups.

Quote from Tacoma : Apparently he forgotten how bad Carter screwed the economy and how Reagan fixed Carter's f-ups. :

Why would he forget that? He was one of the leaders of Reagan's economic teams. Perhaps you should click the link and read what Stockton has to say, instead of jumping to conclusions.

Quote from Tacoma : Apparently he forgotten how bad Carter screwed the economy and how Reagan fixed Carter's f-ups.

Pro Tip: read the article before opening your mouth.

Quote from Tacoma : Apparently he forgotten how bad Carter screwed the economy and how Reagan fixed Carter's f-ups.

How did Carter mess up the economy again?

The only thing I recall were high interest rates and the gas crisis.

Edit: Wow just wow, I just finished reading the whole article and wow

Quote from 808Lurker : How did Carter mess up the economy again? The only thing I recall were high interest rates and the gas crisis.

Carter's problem was that Volker set Fed rates that was appropriate to combat the problems at hand, rather than political expediencies.

Quote from Foreveryours : Carter's problem was that Volker set Fed rates that was appropriate to combat the problems at hand, rather than political expediencies.

Actually, I think the term is misery index.

I find the gold standard thing. Part of the reason Nixon had to abandon the gold standard was due to the government having to print dollars to finance the Democrats' rampage through Vietnam.

403 can you explain for us how the democrat's current economic policy and plans are inconstant with those same ill guided steps attributed to republicans by Mr. Stockman? Feel free to refer to the actual op-ed from the times found here:
http://www.nytimes.com/2010/08/01...ted=1&_r=1

Can you elaborate on how the Obama administration will bring about the necessary changes as detailed in Mr. Stockman's conclusion, "balanced budgets, sound money and financial discipline — is needed more than ever."

The big take away from this op-ed is that at times republicans have acted too much like democrats and have abandoned their core values of financial conservatism.

Quote from PaulG78 : 403 can you explain for us how the democrat's current economic policy and plans are inconstant with those same ill guided steps attributed to republicans by Mr. Stockman? Feel free to refer to the actual op-ed from the times found here: http://www.nytimes.com/2010/08/01...ted=1&_r=1 Can you elaborate on how the Obama administration will bring about the necessary changes as detailed in Mr. Stockman's conclusion, "balanced budgets, sound money and financial discipline — is needed more than ever." The big take away from this op-ed is that at times republicans have acted too much like democrats and have abandoned their core values of financial conservatism.

Instead of asking questions, perhaps you could use facts to refute Stockman's claims yourself and show how the Republicans have NOT ruined the economy...or maybe you can't.

Interesting read, I agree with a lot of what he said. the sad part is most people miss the undertones in the article. Yes he is fed up with Repubs policies, but he simply ignores the Democrats completely. Why? I suspect that because for him, there is no hope whatsoever to be found in that camp.

He is a pretty smart guy, he must realize that the Repubs were not the lone ranger raking in cash by the bucket while the Dems whimpered in the corner silently. Much of the destruction he speaks of came from cooperation among the parties rather than the partisan war he speaks of numerous times. We see the war, it is the cooperation that drives much of the deficit. Bush wanted his wars, Dems wanted massive expansion in discretionary spending. Bush needed Dem votes and bought them with a 100%+ increase in discretionary spending. Oh you want 100 billion for the military, well we are going to need 100 billion for housing and welfare.

The Republicans, at least at one time, leaned toward fiscal conservatism and still espouse that thinking on occasion (those occasions oddly seem to mostly coincide with when they are in the minority). There are a few fiscal conservatives left, guys like Coburn. That is where the hope lies, however minuscule that hope may be. I am hard pressed to identify a single Dem currently preaching any level of fiscal conservatism. Tax and spend or Borrow and spend and you willl find the end result will be pretty similar in the long run.

Stockman is being a bit disingenuous here:

Quote : By 2009, they "reduced federal revenues to 15% of gross domestic product," lowest since the 1940s. Still today they're irrationally demanding an extension of those "unaffordable Bush tax cuts [that] would amount to a bankruptcy filing."

He doesn't even begin to make the case that this is necessarily a bad thing or that in these times, that taxes accounting for 20% of GDP would be a good thing.

Let's see. Income taxes come from people who are actually WORKING. As unemployment is up, wouldn't it follow that tax receipts would be down ?

Isn't that how it works in the real world ? I mean, if you have a restaurant or some other business, receipts would go DOWN as unemployment goes UP.

Sure, you could raise taxes on those productive people in the work force, but, what would that accomplish other than to reach Stockman's magical target of revenue to GDP ?

Would that increase unemployment ? Decrease it ? Leave it unaffected ?

Republican belief is that raising taxes will INCREASE unemployment at this time which then puts you in a vicious cycle. Increased unemployment leads to even less revenue which leads to yet another round of tax increases which increases unemployment even more, lather, rinse, repeat.

Hilarious......

I guess the TRUTH does hurt, seeing how many are coming in to bash David Stockman...

Cause we all know how great Reganomics was to the middle-class and poor

Hey wasn't Reagan the one who found you could spend money without taxing it... He did ballon the national debt during his 8 years

Quote from Ryu-bom : Hilarious...... I guess the TRUTH does hurt, seeing how many are coming in to bash David Stockman... Cause we all know how great Reganomics was to the middle-class and poor Hey wasn't Reagan the one who found you could spend money without taxing it... He did ballon the national debt during his 8 years

http://www.theobamadebt.com/

Obama's National Debt Impact

Upon Inauguration: $10,626,877,048,913
As of Aug 10, 2010: $13,319,830,936,991
Increased by: $2,692,953,888,078


approx 30% increase in less than 2 years. Reagan increased the debt approx. 20% over 8 years. I guess if you gauge your Presidents by the national debt, Obama must be the worst President in history. No argument here.

Quote from DarthSaver : approx 30% increase in less than 2 years. Reagan increased the debt approx. 20% over 8 years. I guess if you gauge your Presidents by the national debt, Obama must be the worst President in history. No argument here.

Geometric progression.