David Stockmans assessment of the GOPs place in history:
__________________________
http://www.marketwatch.com/story/story/ ... F8940C47DD
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."
Get it? Not "destroying." The GOP has already "destroyed" the U.S. economy, setting up an "American Apocalypse."
Jobs recovery could take years
In the wake of Friday's disappointing jobs report, Neal Lipschutz and Phil Izzo discuss new predictions that it could be many years before the nation's unemployment rate reaches pre-recession levels.
Yes, Stockman is equally damning of the Democrats' Keynesian policies. But what this indictment by a party insider -- someone so close to the development of the Reaganomics ideology -- says about America, helps all of us better understand how America's toxic partisan-politics "holy war" is destroying not just the economy and capitalism, but the America dream. And unless this war stops soon, both parties will succeed in their collective death wish.
But why focus on Stockman's message? It's already lost in the 24/7 news cycle. Why? We need some introspection. Ask yourself: How did the great nation of America lose its moral compass and drift so far off course, to where our very survival is threatened?
We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican.
Please listen with an open mind, no matter your party affiliation: This makes for a powerful history lesson, because it exposes how both parties are responsible for destroying the U.S. economy. Listen closely:
Reagan Republican: the GOP should file for bankruptcy
Stockman rushes into the ring swinging like a boxer: "If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation's public debt ... will soon reach $18 trillion." It screams "out for austerity and sacrifice." But instead, the GOP insists "that the nation's wealthiest taxpayers be spared even a three-percentage-point rate increase."
In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too."
...
Stockman's indictment warns that the Republican party's "new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one:"
... " see link for more.
_________________________________
Back later.
yrs,
rubato
Reagan insider: 'GOP destroyed U.S. economy'
Re: Reagan insider: 'GOP destroyed U.S. economy'
"But why focus on Stockman's message?"
One reason only: He used to be a Republican.
He is certainly entitled to his opinion, but it is no more compelling than the thousands of other Republican economists who disagree.
The facts are not really in dispute. Reagan induced the Congress to reduce marginal tax rates and tax revenues skyrocketed. What Reagan was not able to do - one might say he failed to do - was to use his great persuasive powers to induce Congress to control its spending.
The balanced budget of the later Clinton years basically confirmed the lesson of the Reagan years: Increases in government revenue are usually the result of increased economic activity, NOT increased tax rates.
The problem facing today's Congress (which controls taxing and spending) is even more perplexing: How do you bring revenues in line with spending when increasing taxes generally discourages the kinds of productive spending that are required to stimulate the economy? And do you dare cut Government spending significantly (which is certainly called for) when those dollars are a major component of the economy?
Anyone proposing a "simple" solution is either an idiot or a liar.
One reason only: He used to be a Republican.
He is certainly entitled to his opinion, but it is no more compelling than the thousands of other Republican economists who disagree.
The facts are not really in dispute. Reagan induced the Congress to reduce marginal tax rates and tax revenues skyrocketed. What Reagan was not able to do - one might say he failed to do - was to use his great persuasive powers to induce Congress to control its spending.
The balanced budget of the later Clinton years basically confirmed the lesson of the Reagan years: Increases in government revenue are usually the result of increased economic activity, NOT increased tax rates.
The problem facing today's Congress (which controls taxing and spending) is even more perplexing: How do you bring revenues in line with spending when increasing taxes generally discourages the kinds of productive spending that are required to stimulate the economy? And do you dare cut Government spending significantly (which is certainly called for) when those dollars are a major component of the economy?
Anyone proposing a "simple" solution is either an idiot or a liar.