A message from Reagan's budget director, David Stockman

Discussion in 'Economy' started by Chris, Apr 17, 2011.

  1. Chris
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    Chris Gold Member

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    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 — if honestly reckoned to include municipal bonds and the $7 trillion of new deficits baked into the cake through 2015 — will soon reach $18 trillion. That’s a Greece-scale 120 percent of gross domestic product, and fairly screams out for austerity and sacrifice. It is therefore unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase.

    More fundamentally, Mr. McConnell’s stand puts the lie to the Republican pretense that its new monetarist and supply-side doctrines are rooted in its traditional financial philosophy. 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. But the new catechism, as practiced by Republican policymakers for decades now, has amounted to little more than money printing and deficit finance — vulgar Keynesianism robed in the ideological vestments of the prosperous classes.

    This approach has not simply made a mockery of traditional party ideals. It has also led to the serial financial bubbles and Wall Street depredations that have crippled our economy. More specifically, the new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one.

    http://www.nytimes.com/2010/08/01/opinion/01stockman.html?_r=1
     
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  2. The Rabbi
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    The Rabbi Diamond Member

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    Ask Dave Stockman how raising taxes to close the deficit worked out for his boss, George HW Bush.

    Wasn't the extension of the Bush tax cuts passed by a Democratic majority in Congress and signed by Obama? Why aren't you bashing them?
    Oh yeah. You're a stupid partisan hack, is why.
     
  3. Chris
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    Chris Gold Member

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    I am bashing them.

    But it was Reagan who created this mythology that lowering taxes for the rich and creating massive deficits is a good thing.
     
    Last edited: Apr 17, 2011
  4. Dot Com
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    Dot Com Nullius in verba Supporting Member

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    They want to spare the people w/ all the tax-loopholes and tax-havens any more pain. :rolleyes:
     
  5. Seawytch
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    Seawytch Information isnt Advocacy

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    God forbid they have to eat domestic caviar instead of imported...much better that Grandma eats cat food comprised of assholes and eyeballs than to let THAT happen. :rolleyes:
     
  6. Gunny
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    Gunny Gold Member

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    If there was such a thing as brains for posters, you wouldn't hae to concern yourself over the matter.

    Reagan? Really. You're worse off than I thought. Why not let's rehash the Hoover administration? You know .... the one he inherited from Coolidge and got left holding the bag on?

    Stop wasting people's time, dip.
     
  7. Dot Com
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    Dot Com Nullius in verba Supporting Member

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    Raegan is CONSTANTLY worshipped/invoked by Fox N00z (Bill Kristol)/GOP candidates (Bible Spice et al.) so he is relevant. It tells one where they stand as they have no living pols to idolize. Sad commentary on the state of the GOP.
     
    Last edited: Apr 17, 2011
  8. ClosedCaption
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    ClosedCaption Diamond Member

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    Funny how repubs will throw anyone under the bus that does not Parrott their talking points. Regans budget director is now a lib hahaha

    You just can't write this kind of funny
     
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  9. Dot Com
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    Dot Com Nullius in verba Supporting Member

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    Agreed. They're calling Reagan's speech writer- Noonan a liberal on another thread too LOLOL

    As to Stockman, he's a gentleman & a scholar (bad words for the Repub base as they think anyone w/ brains/who reads books can't be trusted
    Supply-side economics - Wikipedia, the free encyclopedia
     
  10. EriktheRed
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    EriktheRed Eh...

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    When you get right down to it, both sides do it. Sometomes it's even justified too.

    Stockman is still a conservative regarding his views on entitlement programs, but he's also right that spending cuts alone aren't really the answer if one were to really get serious about the deficit
     

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