This past weekend, former Reagan Budget Director David Stockman debated the Republican party demand for a continuation of the Bush tax cuts for the wealthy with Indiana Congressman Mike Pence, who has been one of the most hard line conservatives insisting on that issue, despite the fact it would add $700 billion to the national debt over ten years, at a time when it is clear that there is dire need to avoid adding to the national debt, which is already over $13 trillion! 🙁
Stockman gave an excellent presentation, and called such a demand for the wealthy to continue to have tax cuts as totally irresponsible and unrealistic in the present economic climate! He made it clear that the Reagan Administration was wrong to allow a tripling of the national debt during the 1980s, and it was recalled that he had resigned early in the administration over the reckless defense spending which caused most of that overwhelming addition to the debt!
Stockman made it clear that the Bush tax cuts in the past decade had been a mistake as well, as it caused a doubling of the national debt, with much of it because of the wars in Iraq and Afghanistan, but also starting the Medicare prescription plan for senior citizens without taxing to pay for it!
Stockman’s appearance on the interview showed how far the GOP has gone since the 1980s–willingness to be totally reckless in the name of the wealthy, despite the fact that the stratification of American society with the wealthy having such a large portion of the total national wealth, as compared to the middle and lower classes, is the greatest it has ever been!
Pence showed total irresponsibility over the issue of the long range effect of GOP tax policy, and also demonstrated that he has no concern over the effect of budget cuts on domestic needs in the midst of the greatest economic downturn in 80 years!
It again must be recalled that MOST of the national debt increase has been due to Republican Congresses and Republican Presidents, with Jimmy Carter only adding a comparatively small amount to the debt, and Bill Clinton actually balancing the budget in his last years in the White House, and leaving a surplus for George W. Bush, who proceeded to double the national debt, on top of Ronald Reagan tripling the national debt in his time! Reagan added $2 trillion, and George W. Bush $5 trillion to the national debt, meaning seven of the nine trillion added to the debt since Jimmy Carter left office was due to these two Presidents and their administrations alone! 🙁
And the first President Bush added a good portion of the remaining two trillion, leading up to the $10 trillion plus debt when Barack Obama came into office in 2009! This is not what one hears on conservative talk radio and Fox News Channel, however! 🙁 But it is the truth!
So the GOP has a record of total recklessness in the name of the wealthy, while the country flounders economically, and David Stockman was effective in delivering a warning as to the danger of following GOP economic doctrine! 🙁