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CARTER GREW THE ECONOMY MUCH BETTER THAN REAGAN
16 Jul 2014 2:18 pm
David Stockman-Director of the Office of Management and Budget (1981–1985).Four Deformations of the Apocalypse-By DAVID STOCKMAN-Published: July 31, 2010
The second unhappy change in the American economy has been the extraordinary growth of our public debt. In 1970 it was just 40 percent of gross domestic product, or about $425 billion. When it reaches $18 trillion, it will be 40 times greater than in 1970.
The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts.