David A. Stockman
Author of The Triumph of Politics: Why the Reagan Revolution Failed
About the Author
Works by David A. Stockman
Tagged
Common Knowledge
- Canonical name
- Stockman, David A.
- Legal name
- Stockman, David Alan
- Birthdate
- 1946-11-10
- Gender
- male
- Nationality
- USA
- Birthplace
- Fort Hood, Texas, USA
- Places of residence
- Fort Hood, Texas, USA (birth)
Stevensville, Michigan, USA
Washington, D.C., USA
Greenwich, Connecticut, USA - Education
- Michigan State University (B.A.|History|1968)
Harvard University
Harvard Divinity School - Occupations
- politician
businessman
U.S. Congressman (Michigan|1977-1981|Republican)
Director of the United States Office of Management and Budget (1981-1985) - Organizations
- U.S. House of Representatives
Office of Management and Budget
Salomon Brothers
Blackstone Group
Heartland Industrial Partners
Collins & Aikman (show all 7)
Republican Party
Members
Reviews
Lists
Awards
You May Also Like
Statistics
- Works
- 7
- Members
- 492
- Popularity
- #50,226
- Rating
- 3.7
- Reviews
- 6
- ISBNs
- 30
- Languages
- 4
- Favorited
- 1
Beyond that above attempt at a summary, a few other things struck me about "The Great Deformation". For example, Stockman, a long-time Republican, decries the policies and direction of his Party, as well as the policies and direction of the Democratic Party. In his view, we now have two (2) "free lunch" parties. Republicans saw that the initial Reagan fiscal deficits didn't lead to any obvious (immediate) economic issues, so that evolved to "deficits don't matter" thinking in the GOP. So they became the party of tax cuts, and Keynesians for the prosperous class. Meanwhile, Democrats tend to support social spending initiatives without reforms, so he points out that the deficit grows under either party.
Over and above his criticism of today's Political Parties, Stockman is especially critical of the printing-press policies of the Fed. He's also got plenty of criticism for others, particularly, but not limited to, Presidents Bush and Obama, Fed Chairman Bernanke, past Treasury Secretary Hank Paulson, financial columnist Paul Krugman, and many others.
Stockman's writing is clear, and understandable, but the subject matter covered is extensive and complex. Arguments about the budget, and what the results will be as policies change, reminds me of arguments about climate change or other complex issues. There are so many variables, and so many experts on both sides of the issue, it's just so hard to come up with a single fool-proof approach to any of these complex issues. Similar to economic concerns, we've got climate scientists telling us that man-made effects are causing climate change, and there are others who will argue passionately in the opposite. And the reasons global temperatures aren't always following predictions gets re-explained after the fact time and again. To me, the same seems to hold true with economic projections, causes and effects. Stockman's economic arguments seem reasoned, yet other experts continue to dismiss his reasoned approach. So determining what other variables are at play, just makes the modeling mind boggling. With so many possible variables all in play, and the effects of some offsetting the others, how does the layman, who has no PhD in the science behind the claims, and who has to rely on the experts, ever decide which is right?
I don't have the answer to that question, but will say that Stockman does offer a detailed explanation of his beliefs, and while to book is long, his reasoning is presented in clear and persuasive language. And while much of what he's predicting is gloomy, he does offer a number or recommendations going forward, a few of them, such as term limits, election campaign limits, and lobbying limits, I do find compelling.… (more)