David Stockman was appointed as Director of the Office of management and Budget (OMB) by President Ronald Reagan. He was committed to the supply-side economics doctrine along with the curtailment of a strong social safety net.
Stockman wrote a prescient op-ed in the New York Times today titled “State-Wrecked: The Corruption of Capitalism in America”. This is not the first rant about the state of America’s supply-side economy (trickle down economy) by Stockman, one of its authors. Back in 2010 I wrote the article “Right Wing Republicans Caused Economic Apocalypse – So Says Reagan’s OMB Dir David Stockman” dissecting Stockman’s “mea culpa” in his article Four Deformations Of The Apocalypse where he said:
This debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party’s embrace, about three decades ago, of the insidious doctrine that deficits don’t matter if they result from tax cuts.
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