Friday, May 12, 2017

Stockman: It's Going to Blow "We're Headed for a Fiscal Calamity"

Former Office of Management and Budget Director under Ronald Reagan, David Stockman, appeared on Fox's  Morning with Maria yesterday and told Maria Bartiromo that the Trump tax proposal as recently outlined by Treasury Secretary Steve Mnuchin and Trump economic adviser Gary Cohn would have a  gross cost of $7.5 trillion and that perhaps the government could increase revenue $2 trillion through loophole closing and base broadening but "when you go through the math there is no [way] that this Congress and Republican party will even remotely be able to put together."

He went on to warn:
There’s $10 trillion of new deficits built in over the next ten years, within the current policy, with rosy scenario economics. If you are going to try to push $2-$6 billion in tax cuts on top of that with $1 trillion of defense increases, $1 trillion for infrastructure in addition to Veteran spending and more – we’re headed for a fiscal calamity.
The below is a great analysis by Stockman, just ignore his call for a VAT (We need spending cuts, not new taxes.)



  1. no you idiots, we do need more taxes - especially on the rentier class

    you lot will never get it - ever - because of your religious fundamentalism

    1. I dont know I thought they might get it when people had no money to support their crony corporate overlords but perhaps I was to Pollyanna to think that would make a difference

    2. Taxing the rentier class more is like taxing a government employee more. It's just an accounting exercise because they up their government derived income in response to it. The racket itself must be eliminated.

    3. Agreed, JJM. Eliminating the rentier class legal protections and advantages is the key.

  2. You might need more taxes, but the rest of us just get a job and pay our own way. Very extreme, I know.

  3. If the rentier class describes economic monopolization of access to any kind of property, and gaining significant amounts of profit without contribution to society, then this pretty much sums up taxes.

  4. Well over 500 billion dollars will be spent this fiscal years just servicing the debt, and that is with incredibly low interest rates. The whole thing was going to blow no matter who was going to be occupying the oval office this year.

    I really hate listening to anything that is ejected out of a president's pie hole, but Donald is so painful to watch that I now have to read about it in print. I find Donald Trump's talks on the budget to be as annoying as a car alarm going off in a neighbor's driveway. For me, Donald is completely unwatchable, because I will not waste my time watching video of a lunatic asylum in real time.