David Stockman: Administration and Congress as Fiscally Cowardice
February 17, 2011
Former Budget Director David Stockman on Dylan Ratigan Show (2/15/11) discussing Obama's very discouraging 2012 budget. David "grandchild friendly" Stockman explains how Obama and Congress can end the cycle of passing debt to future generations.
Mr. Stockman refers to the Administration and Congress as Fiscally Cowardice and offers an almost insanely simplistic short list to reign in debt: Revenue/Entitlements/Defense (RED). David is appalled with $7.5 trillion for defense/security spending over the next 8 years and emphatically points out that the U.S. no longer has Industrial Enemies. The United States has 11 carrier battle groups out to sea at a cost of $10's of billions while China has ZERO and Russia has ONE and it is 25 years old. It begs the question...WHY!!!
David Stockman refers to economic projections as "pie in the sky" while noting a transaction tax on trading stocks would raise a significant amount of revenue with no foul given the majority of trading is simply daily churning of stocks by robots.
Show starts with a President Obama clip from his recent press conference in which Obama deems the media impatient..."If it does not happen today..."
For the record Mr. Obama, $14+ trillion in debt is clearly an accumulation of thousands of days of fiscal irresponsibility. It would take but a single day for you and your standing ovation peers to flip the focus switch to children and grandchildren. They deserve a fair shot at an equitable playing field.
Children get a time out for unacceptable behavior and I recommend the same for you and the ovation crowd. A one day time out to reflect and acknowledge the burden all of you have placed on our grandchildren while making a commitment to focus on what is in their best interest.
Go ahead, give it a try, it is amazing what can be accomplished in a day. Just think about what a 1 day old newborn achieves in their first 24 hours. Not asking for much Mr. President, JUST CHANGE GRANDCHILDREN CAN BELIEVE IN.