Why is CBS 60 Minutes featuring David Stockman as an expert

[hedgehog]

on tax policy? Didn't he start the business of cutting taxes on the rich?

[dkf]

1. He repented in a huge way and did a complete 180.

http://crooksandliars.com/susie-madrak/former-reagan-budget-director-david-s

Former Reagan budget director: "The GOP destroyed the US economy. "

[applegrove]

2. I'm sorry I missed that interview.

[grantcart]

3. you should read the book he wrote after he left the administration.

In the book he describes how he negotiated a deal limiting the growth of the Defense Department. He describes how he finally got the issues down to a single issue with Weinberger, the rate of growth. It went back and forth for some time and one day Weinberger came down and said that he would agree with Stockman's number if Stockman would agree to it being 'back loaded' which meant that it would be calculated on a compound interest.

Stockman didn't really understand the implications and agreed and when he told his staff they were shocked and told him that would add hundreds of billions in extra expenditures.

Stockman and Weingberger went to Reagan and explained what happened. Stockman explained that he misunderstood the calculation and that it would cost the country hundreds of billions and add to the deficit. Weinberger told Reagan that they 'had a deal' and said that he couldn't go back on a 'deal' like they were 6th graders arguing about a marble.

Stockman watched in horror when the President agreed with this childish logic and as a result the DOD was awash with extra dollars that they never thought they would get. The US citizens were saddled with massive debt. At that point Stockman realized that he was a part of a large conspiracy to rape the treasury for Defense and give the wealthy tax breaks. Shortly there after he quit the administration and wrote the book The Triumph of Politics: Why the Reagan Revolution Failed.

This was the most damaging expose of the Reagan administration and I think we should respect Stockman's honesty about the Republicans, which in a way is much more devistating than the Democratic criticism of Reagan and his legacy.

[ddeclue]

4. Umm he was the original person to call it voodoo economics and left the Reagan admin over it.

He wrote an expose in the Atlantic Monthly where he basically said he thought Reagan was nuts for doing it and that it was supposed to just be a campaign throw away line.