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December 12, 2013
Former Reagan Budget Dir. David Stockman Destroys GOP House Leaders for “Total Capitulation” on Budget Deal: It’s “a Joke and a Betrayal” – Video
Former Reagan Budget Dir. David Stockman Destroys GOP House Leaders for “Total Capitulation” on Budget Deal: It’s “a Joke and a Betrayal” – Video
If you have wondered about the wisdom of the new Budget Deal House Republican Leadership has agreed to with Senate Democrats, listen to what former Reagan Budget Director David Stockman thinks of it. He flat out calls it “a joke and a betrayal” by House Republican Leadership.
Stockman said it blows the caps on spending for the next two years – which, he explains, is really until 2018! That’s because this two-year deal runs out in 2015, when the Presidential Campaign for 2016 will be revving up. Neither party will want to do anything about dealing with spending, which means it will come after the 2016 Election. It will take a year for anything to get done – if it ever can get done – which means 2018. By then, Stockman says the Debt will be $25 Trillion and exploding.
Stockman pulled no punches, and said this represents a “total capitulation” by House Republican Leaders to the Democrats. He believes there ought to be a massive Tea Party response against every House Republican who votes for this deal.
Wild Thing's comment.............
I am glad we are hearing from various people about this, it is hard to understand all the things about it.
Posted by Wild Thing at December 12, 2013 12:55 AM
Comments
Some day, sooner or later, America will be called on to begin servicing her debt. The more the debt and the lesser valued our dollar, the worse the collapse will be. I expect interest rates to be kept low as that makes the debt look just a little bit less. However, those insanely low interest rates are killing the retired and about to retire folks who responsibly saved for their senior years. They had planned on living off the interest on their savings. Now with less than 1% on savings these folks have to use up their principle to live each year. When their principle is gone they have to go back to work if they can or sell their home, live in rental and rely strictly on Social Security.
David Stockman is correct that too many Repubs betrayed us. But isn't that the norm now.
Posted by: TomR,armed in Texas at December 13, 2013 01:01 PM
