David Stockman Shreds Obama AND Ryan For Budget Plans That Don’t Come Close To Solving The Debt

David Stockman

This is rare: A hardcore fiscal hawk without a trace of partisanship.

David Stockman, the former OMB head under Reagan deficit alarmist, has an op-ed in the NYT slamming both Rep. Paul Ryan and Barack Obama for their budget plans.

His critique of Obama comes down to the idea that raising taxes on the rich isn’t enough: everyone is going to need to pay higher taxes. Obama is lying and potentially fomenting class warfare.

Meanwhile, he accuses Ryan of trying to solve the entire problem on the backs of the poor.

Perhaps what’s most remarkable in his critique of the Ryan plan is his fatalistic populism. He writes:

On the other side, Representative Ryan fails to recognise that we are not in an era of old-time enterprise capitalism in which the gospel of low tax rates and incentives to create wealth might have had relevance. A quasi-bankrupt nation saddled with rampant casino capitalism on Wall Street and a disemboweled, offshored economy on Main Street requires practical and equitable ways to pay its bills.

In a sign that he’s really going for blood, he even slams Ryan for kow-towing to “neo-cons” in his refusal to cut the defence budget.

Definitely a must-read if you’re looking for fiscal red-meat that’s not particularly political >