Reagan Adviser: George W. Bush's Policies Bankrupt The Country

[Lakhota]

A former adviser of Ronald Reagan has some choice words for George W. Bush.

David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”

“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”

More: David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

State-Wrecked: The Corruption of Capitalism in America

 

[Lakhota]

It's nice to hear a sane Republican like David Stockman speak the truth.

 

[Political Junky]

The GOP learned long ago to run up the debt, and when a Democratic candidate wins, they begin to complain about the debt.

 

[TheOldSchool]

Are there any Reagan adviser's commenting on his catastrophic foreign policy failures?

 

[Wry Catcher]

Are there any Reagan adviser's commenting on his catastrophic foreign policy failures?

Red Herring Alert. "TheOldSchool" has made an effort to change the direction of the thread, should he not be sanctioned by the 'power'!

 

[Wry Catcher]

The GOP learned long ago to run up the debt, and when a Democratic candidate wins, they begin to complain about the debt.

Notwithstanding efforts to hyjack the thread, wasn't the Starve the Beast Policy developed during Reagan's term of office?

 

[Lakhota]

The GOP learned long ago to run up the debt, and when a Democratic candidate wins, they begin to complain about the debt.

Notwithstanding efforts to hyjack the thread, wasn't the Starve the Beast Policy developed during Reagan's term of office?

"Starving the beast" is a political strategy employed by American conservatives in order to limit government spending[1][2][3] by cutting taxes in order to deprive the government of revenue in a deliberate effort to force the federal government to reduce spending. The short and medium term effect of the strategy has dramatically increased the United States public debt rather than reduce spending.

On July 14, 1978, economist Alan Greenspan gave testimony to the U.S. Finance Committee: "Let us remember that the basic purpose of any tax cut program in today's environment is to reduce the momentum of expenditure growth by restraining the amount of revenue available and trust that there is a political limit to deficit spending."[5]

Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."[6]

The term "the beast" in this context refers to the American government and the programs it funds, particularly social programs[4] such as welfare, Social Security, and Medicare[3]; and does not usually refer to spending on military, law enforcement or prisons.

The earliest use of the actual term "starving the beast" to refer to the political-fiscal strategy (as opposed to its conceptual premise) was in a Wall Street Journal article in 1985 where the reporter quoted an unnamed Reagan staffer.

Starve the beast - Wikipedia, the free encyclopedia

 

[TheOldSchool]

Are there any Reagan adviser's commenting on his catastrophic foreign policy failures?

Red Herring Alert. "TheOldSchool" has made an effort to change the direction of the thread, should he not be sanctioned by the 'power'!

I was making a funny

A sad, sad funny

 

[Political Junky]

Jude Wanniski - Wikipedia, the free encyclopedia

[ame=http://www.youtube.com/watch?v=mxBfOj_1ebY]Hartmann: Has #OWS "blown up" the Republican Santa Claus theory? - YouTube[/ame]

 

[blackhawk]

We are 16 trillion in debt so strictly speaking we as a nation have been bankrupt long before Bush was ever president. I get such a laugh out of people who act like this debt just suddenly sprang up under Bush and we were debt free before then.

 

[Dugdale_Jukes]

Stockman was actually first supply sider to object to ReagaNUTics, aka, debt-fueled fake growth, in 1983. Stockman is a nut himself, but he wasn't crazy enough to buy canned heat economics and he only stayed on to try to sell the closeted new dealer/big government-big spender on rational fiscal policy.

When he realized that Don Regan wasn't giving up Wall Street's cut and the old Bobblehead himself didn't have the notch to turn down Tip O'Neill, he quit, then later wrote a book, Why the Reagan Revolution Failed.

He was charged with securities fraud early in the recent crash, probably around the end of 2006 or maybe in 2007. Not sure how that played out, but unless my guess is way off Stockman still believes voodoo economics (supply side bogusness) is the thing.

 

[Avorysuds]

The GOP learned long ago to run up the debt, and when a Democratic candidate wins, they begin to complain about the debt.

So your saying that Democrats were part of the problem too? Seeing that they helped Bush spend more in the last 2 years when they took over the house and Senate and then when they spend record amounts under Obama???

I await the backtracking.

 

[AmericanFirst]

A former adviser of Ronald Reagan has some choice words for George W. Bush.

David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”

“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”

More: David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

State-Wrecked: The Corruption of Capitalism in America

Only fools think obamaturd has no fault. Bush is gone idiot, get over it. Obamaturd has done much more harm.

 

[Lakhota]

Stockman was actually first supply sider to object to ReagaNUTics, aka, debt-fueled fake growth, in 1983. Stockman is a nut himself, but he wasn't crazy enough to buy canned heat economics and he only stayed on to try to sell the closeted new dealer/big government-big spender on rational fiscal policy.

When he realized that Don Regan wasn't giving up Wall Street's cut and the old Bobblehead himself didn't have the notch to turn down Tip O'Neill, he quit, then later wrote a book, Why the Reagan Revolution Failed.

He was charged with securities fraud early in the recent crash, probably around the end of 2006 or maybe in 2007. Not sure how that played out, but unless my guess is way off Stockman still believes voodoo economics (supply side bogusness) is the thing.

Charges dropped against Stockman - Business - Corporate scandals | NBC News

 

[Lakhota]

A former adviser of Ronald Reagan has some choice words for George W. Bush.

David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”

“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”

More: David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

State-Wrecked: The Corruption of Capitalism in America

Only fools think obamaturd has no fault. Bush is gone idiot, get over it. Obamaturd has done much more harm.

Bush is far from gone. The damage he inflicted on America, and the world, will be with us for decades.

 

[mudwhistle]

A former adviser of Ronald Reagan has some choice words for George W. Bush.

David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”

“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”

More: David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

State-Wrecked: The Corruption of Capitalism in America

Wait a minute,.........is Bush still POTUS??????

 

[Dugdale_Jukes]

A former adviser of Ronald Reagan has some choice words for George W. Bush.

David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”

“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”

More: David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

State-Wrecked: The Corruption of Capitalism in America

Only fools think obamaturd has no fault. Bush is gone idiot, get over it. Obamaturd has done much more harm.

It isn't clear which lines you were reading between? Were they on a mirror?

Nothing posted above even remotely offers a legitimate thread hijack to Obama; and believe me, I know, because given the slightest opening my habit is to shove the massively failed Bush League - you know, the assclowns David Stockman, Republican brainiac attacks - back down the throats of nutballs.

 

[blackhawk]

A former adviser of Ronald Reagan has some choice words for George W. Bush.

David Stockman, Reagan’s budget director from 1981 to 1985, slammed Bush and his former boss in an op-ed in The New York Times Sunday. Stockman argued in the piece that Reagan’s view on the deficit “created a template for the Republicans’ utter abandonment of the balanced-budget policies of Calvin Coolidge.”

“(Reagan’s deficit policies) allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy,” Stockman wrote.

Bush isn’t the only Republican leader to draw Stockman’s ire in recent months, though. During the 2012 presidential election, Stockman called Republican candidate Mitt Romney “a master financial speculator who bought, sold, flipped, and stripped businesses.” He also attacked Vice Presidential Candidate Paul Ryan’s budget, arguing that it was “devoid of credible math or hard policy choices.”

More: David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

State-Wrecked: The Corruption of Capitalism in America

Wait a minute,.........is Bush still POTUS??????

As long is there is a Democrat in the White house Bush will still be President. Holding a Democrat President accountable for their policies is apparently un-American.

 

[tinydancer]

Stockman certainly has had a business career that could not be considered stellar. I was just reading his bio.

Business career

Having left government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the now very successful New York–based private equity company, the Blackstone Group.

His record was mixed at Blackstone, with some very good investments, such as American Axle, but also several large failures, including Haynes International and Republic Technologies.

During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman's role in managing the investments he had developed, Stockman resigned Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.

On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors.

With Stockman's guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles.

With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas.

Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million-plus of equity it had invested in the business.


Collins & Aikman Corp.

During August 2003, Stockman installed himself as CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components.

He was ousted from that job days before a Chapter 11 filing on May 17, 2005.

David Stockman - Wikipedia, the free encyclopedia

 

[auditor0007]

We are 16 trillion in debt so strictly speaking we as a nation have been bankrupt long before Bush was ever president. I get such a laugh out of people who act like this debt just suddenly sprang up under Bush and we were debt free before then.

Relatively speaking, we were in pretty good shape as our debt was only 50% of GDP. Now it is over 100% of GDP.