Do you wonder how we got into the mess our economy and country are in today? Reagan's Budget Director has the answer for those who are interested and open-minded enough to admit/accept it:
David Stockman, who served as Ronald Reagan’s budget director from 1981 to 1985, leveled some harsh criticism at his former boss as well as at President George W. Bush in an op-ed he penned about the state of the economy for The New York Times titled “Sundown in America.”
“The destruction of fiscal rectitude under Ronald Reagan—one reason I resigned as his budget chief in 1985—was the greatest of his many dramatic acts,” Stockman writes. “It created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge and 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. In effect, the G.O.P. embraced Keynesianism—for the wealthy.”
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...
Stockman’s attack extends far beyond just Reagan and Bush, however; his piece also targets lawmakers, Wall Street, the Federal Reserve and Treasury officials as he paints a bleak picture of the American economy.
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