The Warning of David Stockman – video added
David Stockman a former U.S. Politician and Businessman served as Republican
Representative from the state of Michigan (1977-1981). He then served as the
Director of the Office of Management and Budget during the Ronald Reagan’s First Term
in Office (1971-1985).
As mentioned in Jim’s Show this morning, Mr. Stockman had some dire warning
regarding the Economy.
This from Wikipedia regarding his Financial Legacy
Fiscal legacy
President Jimmy Carter’s last signed and executed fiscal year budget results ended with a $79.0 billion budget deficit, ending during the period of David Stockman’s and Ronald Reagan’s first year in office, on October 1, 1981.[7] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981). By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman’s resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[8] Stockman’s OMB work within the administration during 1981 until August was dedicated to negotiating with the Senate and House about the next fiscal year’s budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986 and becoming $2.6 trillion at fiscal year end 30 September 1988.[9]
As mentioned during today’s show here are some video clips that may just send a chill down your spine.
httpv://youtu.be/6HCOcpyHUic
httpv://youtu.be/sYdGvDj4NqE
10 Comments
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This is pretty accurate. I would point all of us back to the Depression when FDR’s policies either ignored the private sector, or added draconian taxes and paperwork. Result? very VERY little private sector spending, most especially on hiring. If you cannot trust the federal government to at least leave you alone, and if you know that any federal initiative is designed to be specifically punitive to private business – you sit on your cash and wait for a time when you can expand and grow without being targeted. I see no difference in Obama’s policies. He is desirous of class warfare, nationalization where he can get away with it, pandering to labor, and redistribution of wealth. He is a Communist with a capital C.?
I have enormous respect for David Stockman, but is there a remedy? Also, I am tired of the kicking the can down the road analogy. ?How about we tell it like it is, Progressing down the road.?
Every time I hear the word “progressive” The hair on the back of my neck stands up. ?These liberal nut-cases have ruined everything they’ve touched, all the while pointing the finger of blame toward anyone and everyone else. ?Their marxist underpinnings are the antithesis of American patriotism… and I don’t give a damn if that bothers any of you loons who may be trolling around this site, just for the fun of it. ?A real American doesn’t constantly whine and complain about what this country isn’t doing for them. ?These clowns that call themselves the 99%, when in truth they happen to be the lowest of life’s losers, are the product of the liberal politic who’ve spent years and years spoon-feeding them, locking them into the supportive constituency they are, simply keep them “in business” as the political scum they really are. ? They too are only interested in another handout. ?They couldn’t care less about where that care package comes from, just so it comes! ?You can call them “progressives”, “liberals” or just another “democrat whiner”… but Americans they are NOT!
Well put as always, Eric!
We/they must freeze the National Debt Limit & NOW!
That would be a good promise for Romney to make.
At least Lynn asks a pertinent question instead of simply ranting like some others. Our government is paralyzed just like those in Europe that are the object of much disdain. I maintain that the problems the country faces cannot be solved by either of the parties claiming they have the “solution”. Sadly, given the current political polarization, nothing much is likely to happen. There was a shot at some real reform last year, but that opportunity was blown.
Ranting? Really.
So, what is (are) your solution(s)? Suggestions welcome
My suggestion is that the U. S. desperately needs leadership. Certainly not more of the same bystander that we currently have.
For starters, JBS, I suggest we all stop the blame game. We need leadership on both sides of the aisle in Congress. Without that nothing will move forward. And if Eric did not rant, I am at a loss as to what to call it.
Blame?? Who, pray tell? Rant??? This a blog, rule apply.
Referring to the post, Mr. Stockman’s observations are prophetic but hardly novel. The recent debt ceiling increase debaters have all foretold dire consequences if the ceiling was raised or not. I just wish his predictions were voiced and heeded back when he was the Director OMB or as a Representative.?
There is a disconnect in that he is the “expert” being tapped by the media yet during his fourteen plus years at the OMB, the deficit increased from $79 billion to $2.1 trillion! Or was it $2.8 trillion? Wow. Heck-of-a legacy to be tagged with!!