Reagan’s Budget Director Blames GOP For Economic Crisis
David Stockman, the director of the Office of Management and Budget under Ronald Reagan, writes in today’s New York Times that our economic woes are because of the Republican Party. (h/t Taegan Goddard).
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 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.
Stockman mentions the Nixon administration’s decision to issue paper money no longer redeemable in gold or fixed monetary reserves, deficit spending (in particular, neocon wars), expanding financial markets coupled with lack of regulation, and the need to borrow heavily from abroad while allowing jobs to go overseas.Click here for reuse options!
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