Not too surprising here that David Stockman is coming out against the Obama tax plan, since he split with former boss Ronald Reagan over tax cuts to the rich.
But he makes an important point in this interview with the WSJ. Tax cuts are part of a supply-side economic model, but deficit-financed tax cuts are not: “There’s no free lunch, and we’re kidding ourselves if we think we can borrow more money in order to have a short term stimulus. This is straight out of Keynes, and i’m shocked that Republicans think it is good policy.”
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