Tags: david | stockman | obama | budget

Stockman: Obama’s Budget Is ‘Fiscal Cowardice'

Saturday, 19 Feb 2011 08:01 AM

By Hiram Reisner

President Ronald Reagan’s budget director, David Stockman, says the Obama administration’s 2012 budget is a new low in “fiscal cowardice,” and as neither political party is willing to face fiscal realities, the only way around the nation’s revenue shortfall is to raise taxes.

In an interview that aired Friday on CNN’s “Parker/Spitzer,” the man david,stockman,obama,budgetnicknamed a budget guru while still in his early 30s also said the nation has to ”bite the bullet,” stop cow-towing to lobbyists, and realistically begin to deal with cutting entitlements.

“This is, really, a new low in fiscal cowardice, and, in legal terms, you can say that it's kind of reckless negligence,” Stockman told host Eliot Spitzer. “We have a massive problem in this country, and they haven't addressed any of the parts of the budget that can make a difference.

“There's massive political lobbies – the doctors, the pharmaceutical companies, the scooter-chair manufacturers – that constantly push back, in terms of any type of change that might save money, and both parties continue to insist that we don't need to bite the bullet on these big issues,” he explained. “We have to raise taxes. The president hasn't said anything about that, other than a few loopholes.”

A visibly surprised Spitzer asked Stockman – who as Reagan’s Office of Management and Budget director was considered a fiscal conservative – to repeat “to the world” that there needs to be tax hikes.

“Absolutely,” Stockman said. “If you're not willing to address the entitlements – $1.5 trillion, just for Social Security, Medicare and Medicaid – there is no [other] way around the revenue shortfall that we have, given the massive size of government that neither party wants to cut. I think our problem today, is that they are dream-walking.

“The White House is totally capitulated to its constituencies – is pushing middle class tax cuts, again, which we can't afford. It totally whiffed on Social Security because of the political pressure,” he said. “The Republicans are lined up vociferously against any kind of revenue increase, even the minor loophole closings, that there are in this budget.

“So, when we have revenue off the table, when we have entitlements off the table, when we have an administration that can't even get its act together on defense – this is a left of center administration, and they are spending all of this money on defense – it doesn't give me very much confidence that anything is going to materialize.”

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

The 2016 'Book Race': GOP Candidates Like Ben Carson, Huckabee Sell Like Hotcakes

Friday, 30 Jan 2015 20:50 PM

If potential Republican presidential candidates' recent book sales are a strong indication of their electability, then B . . .

Smoke on Boston Train Scares Passengers Who Bust Out Windows to Escape

Friday, 30 Jan 2015 19:37 PM

A commute on Boston's Red Line Thursday morning turned into chaos as smoke filled the train and passengers broke out win . . .

Seth Jackson Sentence: Foster Dad Gets 32 Months in Hot Car Death

Friday, 30 Jan 2015 18:50 PM

Kansas foster dad Seth Jackson was sentenced to 32 months in prison Friday for the July death of a 10-month-old girl who . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved