Interesting quotes attributed to David Stockman, the Director of OMB for Reagan in the aftermath of the 2008 Great Recession and the Democrats sweeping the 2008 elections. Reagan insider: 'GOP destroyed U.S. economy'<!-- --> - MarketWatch
“If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt … will soon reach $18 trillion.” It screams “out for austerity and sacrifice.” But instead, the GOP insists “that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase.”
Sound vaguely familiar? The unaffordable Bush tax cuts are now the really unaffordable trump tax cuts.
Stockman goes on:
“…the new tax-cutters not only claimed victory for their supply-side strategy but hooked Republicans for good on the delusion that the economy will outgrow the deficit if plied with enough tax cuts.” By 2009, they “reduced federal revenues to 15% of gross domestic product,” lowest since the 1940s. Still today they’re irrationally demanding an extension of those "unaffordable Bush tax cuts [that] would amount to a bankruptcy filing."
We are reliving Bush Jr’s 2nd term when the republicans led a booming economy inherited from democrats into the Great Recession. What current republicans are doing to a strong economy inherited from Biden is classic deja vu all over again.
The question we should probably start thinking about is who will be the next Obama to pick up the pieces in 2028?