Reagan Architect on Ryan’s “Empty Sermons”

Here’s one of the big architects of Reaganomics in the 80’s – David Stockman:

I did it in the 80’s. It resulted in disaster.

On the last thirty years:

Thirty years of Republican apostasy — a once grand party’s embrace of the welfare state, the warfare state and the Wall Street-coddling bailout state — have crippled the engines of capitalism and buried us in debt. Mr. Ryan’s sonorous campaign rhetoric about shrinking Big Government and giving tax cuts to “job creators” (read: the top 2 percent) will do nothing to reverse the nation’s economic decline and arrest its fiscal collapse.

On Ryan’s fantasies:

“The Ryan Plan boils down to a fetish for cutting the top marginal income-tax rate for ‘job creators’ — i.e. the superwealthy — to 25 percent and paying for it with an as-yet-undisclosed plan to broaden the tax base. Of the $1 trillion in so-called tax expenditures that the plan would attack, the vast majority would come from slashing popular tax breaks for employer-provided health insurance, mortgage interest, 401(k) accounts, state and local taxes, charitable giving and the like, not to mention low rates on capital gains and dividends. The crony capitalists of K Street already own more than enough Republican votes to stop that train before it leaves the station.”

“In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices. And it couldn’t pass even if Republicans were to take the presidency and both houses of Congress. Mr. Romney and Mr. Ryan have no plan to take on Wall Street, the Fed, the military-industrial complex, social insurance or the nation’s fiscal calamity and no plan to revive capitalist prosperity — just empty sermons.”

H/T Jack at politicaldog101.


6 thoughts on “Reagan Architect on Ryan’s “Empty Sermons”

    • Yep – and it might be how long a hoax can last.. Three decades, and the results appear evident… Massive debt, a broken middle class and a handful of hyper rich people hiding money in tax havens.

      Not a very good model for most of us.

    • Exactly. I thought about the same posting this. It must be a very mixed feeling looking back at a legacy like that – even if he was just one of many within a school of thought at the time.

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