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Thread: David Stockman Interview

  1. #1

    David Stockman Interview

    David Stockman was the director of the Office of Management and Budget under Ronald Reagan. I was just old enough at the time, to be reading political news... and be a bit perlexed why he quit without comment and left that position.

    ... the Republicans abandoned their old-time fiscal religion in favor of two theories, which I think are now proving to be both wrong and highly counterproductive and damaging.

    One was monetarism, which said let the dollar float on the international markets. Let 12 men and women at the Fed decide whether to raise or lower interest rates and use the Fed to try to run this massive economy. What they've done instead is run the printing press, they've flooded the world with dollars. The whole monetarist policy has been a mistake.

    The second thing was the perversion of supply side. Yes, there was a good idea that in certain circumstances, lower tax rates will encourage economic activity and savings. But when you make it a religion, when you make it a catechism and you say you cut taxes no matter what the circumstance, what the season, what the condition, then I think the whole idea has been perverted.

    By getting off track over the last 30 years, the Republican Party has basically given out its historic view that the key thing was financial discipline, financial responsibility and that we had to live within our means. Today, we have two free lunch parties, and as a result, we're borrowing ourselves into grave danger with each passing month and year.

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  3. #2
    He is doing this interview to support letting some of the Bush tax cuts expire.

    As your quote indicates, he was one in the Reagan administration that was primarily concerned with a balanced budget. He was not so concerned about taxes or the size of government, which lead him to side with the big government GOPers like GHW Bush. He gave a lot of "insider" reports to the press that were damaging, and was almost fired for that, and quit a little while later. Maybe he feels a little guilty about siding with the people who eventually took over the GOP?
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