Reagan's Top Economist Says GOP Misled the U.S. and Tanked the Economy

Reagan's Top Economist Says GOP Misled the U.S. and Tanked the Economy


Stockman excoriates modern Republicans, and particularly Senate Minority Leader Mitch McConnell, for claiming the party's current economic doctrines are rooted in traditional GOP financial philosophy. He points to a list of misguided Republican actions that have led the country to economic disaster: [[Richard M. Nixon|Richard Nixon's] gold policies that contributed to the country living beyond its means, the runaway growth of public debt resulting "not from big spending by the Democrats, but instead the Republican Party's embrace ... of the insidious doctrine that deficits don't matter if they result from tax cuts," the neocon's sky-high inflation of the military budget, the "warfare state," the removal of traditional restrictions on leverage and speculation by the financial sector which led to a "vast, unproductive expansion of our financial sector,"