But I'll make it up on volume." That's the best explanation of BFLAP that I can think of -- it sounds logical but it's totally pointless.)
Stockman's trying to distance himself from it. Why? Because the infrastructure of the Old Republican Bushonian Cabal is falling apart and there isn't any more money to be made in it anymore.
In the NY Times piece, Stockman writes, â€œThe culprits are bipartisan, though you'd never guess that from the blather that passes for political discourse these days. The state-wreck originated in 1933, when Franklin D. Roosevelt opted for fiat money (currency not fundamentally backed by gold), economic nationalism and capitalist cartels in agriculture and industry."
All Stockman is doing is pandering to the hard money crowd because he knows he can sell his books.
But people tend to forget what this guy was all about in the 1980s when he was Ronald Reaganâ€™s golden-haired boy as it were. He testified more on Capitol Hill through the mid 80s than any other representative of the Reagan Regime. He was the arch supply-sider and the arch supporter of printing fiat money and he used to pooh-pooh species because he thought that those who backed it were simpletons.
Why he did all this was to justify what the Reagan-Bush Regimes were doing in generating enormous budget deficits and what would prove to be a twelve-fold increase in the national debt from 1981 to 1992. He had to support it at the time because that's where the money was.
"The destruction of fiscal rectitude under Ronald Reagan â€” one reason I resigned as his budget chief in 1985 â€” was the greatest of his many dramatic acts," Stockman continues.
"It created a template for the Republicans' utter abandonment of the balanced-budget policies of Calvin Coolidge and allowed George W. Bush to dive into the deep end, bankrupting the nation through two misbegotten and unfinanced wars, a giant expansion of Medicare and a tax-cutting spree for the wealthy that turned K Street lobbyists into the de facto office of national tax policy. In effect, the G.O.P. embraced Keynesianism â€” for the wealthy."
The problem is that Stockman was a proponent of these policies at the time.
But he's not the only one.
Now you've got a whole crop of former Reagan-Bush people that are attempting to distance themselves from their past because they can't make any money any more.
Former Assistant Treasury Secretary Paul Craig Roberts under Reagan is another one who was credited with inventing Reaganomics, which as it got sold to the American people at the time is nothing, but old-fashioned supply side economics.
Supply side economics means that economic incentives that are offered by government, like the tax incentives that were offered in the 1980s, these so-called specifically targeted tax programs, that existed under the Reagan-Bush Regime was done in order to drive down the costs of manufacturing the "supply" and that tax incentives then be dispensed for people to buy these goods.
All throughout the 1980s, there were energy tax credits as well as conservation tax credits for buying the latest ultra-efficient air conditioners, etc.
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