David Stockman disses the Ryan budget

In an op-ed piece for the New York Times Monday, David Stockman, who served as the Office of Budget and Management’s director under Ronald Reagan, slammed the vice-presidential candidate’s financial plan for lacking decisive policy measures.

“The Ryan Plan boils down to a fetish for cutting the top marginal income-tax rate for ‘job creators’ — i.e. the superwealthy — to 25 percent and paying for it with an as-yet-undisclosed plan to broaden the tax base,” Stockman wrote. “Of the $1 trillion in so-called tax expenditures that the plan would attack, the vast majority would come from slashing popular tax breaks for employer-provided health insurance, mortgage interest, 401(k) accounts, state and local taxes, charitable giving and the like, not to mention low rates on capital gains and dividends. The crony capitalists of K Street already own more than enough Republican votes to stop that train before it leaves the station.”

Raw Story
Reagan budget director attacks Paul Ryan’s economic policies
Arturo Garcia