Sunday, March 29, 2009

David Stockman Reprise

Concerning President Ronald Reagan's 1981 tax cut, in November 1981 David Stockman, director of the Office of Management and Budget, said this to William Greider of the Atlantic Monthly:

“Do you realize the greed that came to the forefront? The hogs were really feeding. The greed level, the level of opportunism, just got out of control. The administration’s basic strategy was to match or exceed the Democrats [on both tax cuts and spending], and we did.”

Stockman’s experience in Washington can be boiled down to one phrase: “There are no real conservatives in Washington.”

Stockman’s words to Greider apply equally to the first six years of President Bush’s two terms with Republican control of Congress, made famous by “the bridge to nowhere.”

Following suit, the greed level, the level of opportunism, just got out of control in the financial ssector. Bush’s administrators and regulators were either inept, asleep, or willing accomplices.

The few remaining outspoken conservatives in the Republican party have no credibility when it comes to federal spending or deficits. That mantle belongs to President Clinton.

No comments :