Reagan's Top Economist Says GOP Misled the U.S. and Tanked the Economy

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Reagan toastLost in the 24/7 news cycle has been a July 31, 2010 opinion-editorial by David Stockman, former director of the Office of Management and Budget under President Ronald Reagan. Stockman was closely tied to the development of the Reaganomics ideology, but now he points to massive failures by Republicans, while they were in power, to assure that financial accounts were balanced in government, international trade, on the ledgers of central banks and in the affairs of private businesses and households. Stockman excoriates modern Republicans, and particularly Senate Minority Leader Mitch McConnell, for claiming the party's current economic doctrines are rooted in traditional GOP financial philosophy. He points to a list of misguided Republican actions that have led the country to economic disaster: the runaway growth of public debt resulting "not from big spending by the Democrats, but instead the Republican Party's embrace ... of the insidious doctrine that deficits don't matter if they result from tax cuts," the neocon's sky-high inflation of the military budget, the "warfare state," the removal of traditional restrictions on leverage and speculation by the financial sector which led to a "vast, unproductive expansion of our financial sector," and the steady sending of jobs and production offshore. Stockman charges that Republicans have strayed so far from their ideological roots that they have "made a mockery of party ideals" and led the country into adopting policies that crippled the economy.

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Reagan rant

I was in college during those years. He describes them accurately.

Reagan Rant

College - the institution where 99% of the professors are leftists using their teaching podium as a platform to indoctrinate the young and naive into the very thought processes you have so eloquently displayed...enough said.

Where did you get that

Where did you get that percentage? Is that the same 99% of people who won't post this as their status on Facebook?

As someone who lived during the 80's

I can attest that everything that this guy said is true and was a part of evening news. I can remember Peter Jennings and Dan Rather talking about every one of the points here and I do recall their predictions for the harm that would come from it. Their predictions are true.

Wow, biased much? I suppose

Wow, biased much? I suppose the opposite of all this is much better? Balanced is the way to go. The opposite of this is just as bad. That means being a far left liberal is just as bad a far right conservative.

Okay, here's the opposite of all this:

Criminal:

- Did not become involved with Iran contra (good for well, everyone)
- Did not encourage Iran to withhold hostages until his term (good for hostages and Iran)

Fiscal:

- Did not engage in supply side economics (Good for the consumer)
- Tripled the national surplus (Would be pretty stellar)
- $100 billion trade deficit > 12 billion trade surplus (Good for international economics)
- Made sure loans and savings stayed regulated (REALLY good for domestic economics, would avoid current economic crisis)
- Tax lowerer (Good for conservatives)
- Taxed the rich, cut taxes for the poor (Good for poor people)
- Never had the star wars debacle (Good for not wasting tons of money on useless shit)
- Never increased military spending to compete with the USSR (Good for the economic and political stability of both of our nations)
- Never deregulated oil industry to cause oil bust (Good for gas-purchasing consumers, which is almost every American)
- Negotiated with air traffic control union (Good for labor relations)

Social:
- Saved welfare (Good for poor people)
- Expanded healthcare system (Good for NOW)
- Made sure mental patients were kept in facilities and not released into the streets (Good for cities and city dwellers like me who are SURROUNDED by crazy homeless people)
- Dealt with the AIDs crisis (Good for everyone)
- Comprehensive sex education (Good for teen pregnancy rates and STD prevention)
- Strengthened ATF and banned automatic weapons and OWNED it (Good for integrity)
- Kept the prison system public (REALLY good for the incarcerated population and for those who have conflicts with the police)
- Decreased spending on the War on Drugs (Good for free thinking people)
- National drinking age kept at 18 (Good for young people)
- Over-funded NEA (Good for artists)
- Never manipulated EPA supergrants to help republicans win elections (Good for people who dislike fraud)
- Kept children's TV regulated (Good for parents who want their kids to learn)
- Saved energy programs (Good for the environment and the economy)
- No crack in the ghettos (Good for everyone, but especially poor minorities)

Foreign

- No wars in Central America (Good for foreign policy)
- Promoted peace solution for Iran and Iraq (Good for foreign policy)
- Never sent Marines into Beruit (Debatable)
- Upheld detente with USSR, allowing Gorbachev time to make things better (Good for stability of USSR's government, and foreign relations)
- Hunted down contras and stopped their drug running schemes (Good for anti-drug crowd/ foreign relations)
- Did not support right wing dictators (Good for free thinking people)

Concepts

- People on welfare need it (truer than Americans think)
- Trees don't cause pollution (true)
- Ketchup is not a vegetable (Also true)

Appointments

- No convicted appointees (Good for people who don't want convicts in the government)
- That nullifies the appointments...
- HUD was not a complete mess (Good for poor people)
- Made sure the CIA acted without alternate motives (Good for liberty)

Personal

- Resigned when alzheimer's cropped up (Good for integrity/ health)
- Was a great human being (Well, that's obviously interpretation)
- NOT a Mccarthyite (Good for liberty)
- Opposed moral majority (Good for people who don't like parental advisory stickers)
- Did not pardon Robert Walker (Good for Robert Walker's still living wife)
- Started presidential campaign in a hospital where someone was giving birth on the exact opposite point of the globe from Philadelphia MS (Good?)
- Did not lay a wreath or even attend an SS ceremony in Germany (Good for everyone)
- Opposed Vietnam (Good for free thinking individuals)
- Made sure right wing noise machine never gained ground (Good for intellectuals in BOTH parties)
- Loved sex, helped his son come out without pressure (Good for gay community and kinky people)
- Thought astrology was stupid and never gave it merit (Good for rational, free thinking individuals)
- Never developed talking points (Good for debate process)
- Answered questions directly (Good for everyone)
- Had a clear grasp on reality (Good for everyone)
- Friendly towards Russia (Good for foreign relations)

So, this is pretty overwhelmingly positive when you look at the opposite, don't you think? This Bizzaro Reagan would have gotten my vote in a heartbeat!

Instead, 30 years later, we have a collapsed, crime-ridden Russia, a shitty economy, we're still debating healthcare, Latin America has been recovering from the toxic-shock of Cold War for two decades, taxes are higher on poor people, there's less jobs to go around, there's more religious zealots, the conservative party no longer represents its true constituency and politicians debate in sound-bites to get their point across.

All this crap started with Reagan's awful excuse for a presidency.

By "balanced" you mean "ignore the facts"?

The truth hurts. Or the truth has a well known liberal bias. In either case, balance is for scales. But I'm looking forward to your balanced view on Pol Pot.

False equivalence

The right is much worse than the left ever could be. In this country, left wing policies create a strong middle class. Right wing policies are destroying it.

Oh this is not news!!!

Its about time someone from the great Regans circle came right out and said it. These "New Republicans" will not be happy till we're the third world nation.

Norinomics - an easy way to handle economic crisis

NORINOMICS
A New Economic Philosophy with a Human Face
(MY Contribution to MY People of MY Planet)

Easy route to eliminate economic crisis:
De-linking of economy from economics is the simplest solution to economic crisis, think it over…..

Measures for stable economy:
Insulate, do not isolate, economy and economics from GDP, Sensex, Forex, Inflation and Debt. This ensures stable economy and also helps in speedy and effective recovery from economic crisis, if any, think it over…..

NVSN Murthy - a passing visitor on earth passing through earth and chasing death.