Indicted Stockman Was Face of Reaganomics

[Rose Siding]

Who could have predicted?.....

Stockman's indictment yesterday for allegedly defrauding investors while he chaired Collins & Aikman, a major auto-parts maker, caused Washington insiders to reminisce about the one-time wunderkind who helped to create and then undermine President Ronald Reagan's supply-side economic revolution.

.....He became the White House's detail man in one of the most audacious fiscal experiments of the last 50 years -- a real-world test of supply-side economics. The theory held that marginal tax rates could be cut and yet still produce greater revenue for the government because of increased economic growth.

http://www.washingtonpost.com/wp-dyn/content/article/2007/03/26/AR2007032601864.html

[brentspeak]

1. But didn't he also turn against Reaganomics?

He was persona non grata among Republicans after he did.

[ramapo]

2. Yes he outed Reaganomics early on

Stickman said Reaganomics provided a refuge for the rich and predicted massive deficits. Of course he was correct but anybody with commensense should've known the result. Obviously common sense has been in short supply.

[Warpy]

4. He did, and he did so publicly

in an article in the Atlantic Monthly.

I was a subscriber back then and was totally gobsmacked that he was speaking out.

He'd been one of the main proponents of the scam to fatten the richest and push everybody else into poverty. He spoke out because he didn't anticipate the deep national debt that would cause. He thought only the "little people" were going to get hurt; and if they weren't rich, they deserved to.

I have to admit I didn't see him as much of a hero. The damage had been done to we the people and it has still not been undone. As I recall, his main complaint was that taxes on the rich had been cut too deeply, too quickly and that the country was now in serious trouble because of the new debt, not because people were suffering.

I'm not a bit surprised he's been caught with his hand in the till, either genuinely or as a set up.

[exlrrp]

3. Reaganomics 101

The Bushies basically follow the same idea: cut taxes, give corporatons new tax benefits and amp up military spending.
But (less taxes) plus (greater military spnding) equals -->astronomical deficits<-- as has been proven again by the Bushies.
Reaganomics is basically a "free lunch" concept. That things will get better if you do the easy things.
Balancing the budget is never easy, its always hard. Thats why the Republicans didn't do it. The last republican who balanced the budget was Eisenhower. My how half a century does fly by.