In advance of his new book on the examination of the financial crisis, David Stockman, Director of the Office of Budget and Management under Ronald Reagan explains how his Republican Party tanked the economy,
1. borrowed prosperity on an epic scale.
2. 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.
3. Republicans have been oblivious to the grave danger of flooding financial markets with freely printed money and, at the same time, removing traditional restrictions on leverage and speculation
4. In the past decade, the number of high-value jobs in goods production and in service categories like trade, transportation, information technology and the professions has shrunk by 12 percent...this growing wealth gap is not the market's fault. It's the decaying fruit of bad economic policy.
Finally, a Republican is willing to tell the truth, and attempt to bring his party back to what he laments is, "a pity that the modern Republican Party offers the American people an irrelevant platform" and "the old approach — balanced budgets, sound money and financial discipline — is needed more than ever."
Good luck with that, Mr. Stockman, the Republican party uses every breath to champion tax cuts, I don't think they will take your astute advice.