Stockman: Bush Administration and Paulson Destroyed Last Vestige of Fiscal Responsibility We Had in the Republican Party
As William Cohen noted, David Stockman continues to make the rounds after bucking with the Republicans on tax cuts for the rich last summer.
A Republican for Higher Taxes:
David Stockman has never been one to shy away from a roaring economic-policy debate. The former boy-wonder budget director in the first Reagan administration and the architect of Reagan's supply-side economic policies, Stockman has been very busy lately rejecting the tax-cutting recommendations of Republicans in Washington and arguing that we must get our fiscal house in order or watch our way of life continue its decline. As an "imperialist power," he says, America is in danger of being at "sundown." Stockman, who turned 64 on Wednesday, has always been ahead of the curve on tax and fiscal issues, and it appears that he is ahead of it again this time, too. Read on...
Stockman continued his media appearances with CNN's Fareed Zakaria and went after the GOP for their single minded devotion to tax cuts.
Reagan Budget Director: GOP Has Abandoned Fiscal Responsibility By Adopting 'Theology' Of Tax Cuts:
As Congress prepares to take up extension of the Bush tax cuts during its lame duck session, Republican lawmakers have been unanimous in demanding that the cuts for the richest two percent of Americans be extended, claiming they are necessary for economic growth and that tax cuts (miraculously) pay for themselves.
While independent economists have shown these arguments to be false, today on CNN's Fareed Zakaria GPS, President Reagan's former budget director took on his own party for pushing this faulty logic. David Stockman, who led the all-important Office of Management and Budget under Reagan and was a chief architect of his fiscal policy, criticized today's GOP for misreading Reagan's legacy by adopting a "theology" of tax cuts. Stockman has spoken out before, but took perhaps his strongest stance yet against his own party today, saying "I'll never forgive the Bush administration" for "destroying the last vestige of fiscal responsibility that we had in the Republican Party."
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