Those of you old enough to remember Ronald Reagan will also likely remember David Stockman, his right-hand man in the creation of the ideology of Reaganomics, that stinky snake oil economic theory that is still trickling down and poisoning our economy. Well, Stockman has recently come out with a long apologia of regret and consternation for what has become of the GOP. He takes some shots at the Democrats, too, but most of his criticism is aimed at the party he loved and served and helped to entrench in power a generation ago. Read more here:http://www.marketwatch.com/story/reagan-insider-gop-destroyed-us-economy-2010-08-10
We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican.
Please listen with an open mind, no matter your party affiliation: This makes for a powerful history lesson, because it exposes how both parties are responsible for destroying the U.S. economy. Listen closely:
Reagan Republican: the GOP should file for bankruptcy
Stockman rushes into the ring swinging like a boxer: "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 nation's public debt ... will soon reach $18 trillion." It screams "out for austerity and sacrifice." But instead, the GOP insists "that the nation's wealthiest taxpayers be spared even a three-percentage-point rate increase."
In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts — in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too...."