David Stockman
David Stockman
#### Full Name and Common Aliases
David Alan Stockman is a prominent American economist, author, and former politician, commonly known by his full name.
Birth and Death Dates
Born on November 22, 1946, in Fort Worth, Texas. As of this writing, he remains alive.
Nationality and Profession(s)
American
Economist
Author
Former U.S. Representative (R-Michigan)
Director of the Office of Management and Budget under President Ronald Reagan
Early Life and Background
David Stockman grew up in a conservative family in Michigan. His father was an engineer, and his mother a schoolteacher. After graduating from high school, he attended Grove City College, where he studied economics and graduated with honors.
Major Accomplishments
Stockman served as the U.S. Representative for Michigan's 4th congressional district from 1977 to 1981. In 1981, President Ronald Reagan appointed him Director of the Office of Management and Budget (OMB), a position he held until 1985. During his tenure at OMB, Stockman worked closely with Reagan to develop and implement the Economic Recovery Tax Act of 1981.
Notable Works or Actions
In 1986, Stockman published his influential book _The Triumph of Politics: Why the Reagan Revolution Failed_, which criticized the Reagan administration's economic policies. He argued that the administration had prioritized tax cuts over spending reductions, leading to large budget deficits. This book is still widely read and referenced today.
Impact and Legacy
Stockman's time at OMB had a significant impact on American politics and economics. His efforts to balance the federal budget by reducing government spending were largely unsuccessful due to opposition from other lawmakers and the administration itself. However, his work in this area helped shape the economic policies of future administrations.
Stockman's critiques of Reagan-era policies and his advocacy for fiscal responsibility have contributed significantly to ongoing debates about government spending and taxation. His work has influenced generations of economists, politicians, and policymakers.
Why They Are Widely Quoted or Remembered
David Stockman is widely quoted and remembered due to his insider knowledge of the Reagan administration's economic policies and his willingness to speak truth to power. As a former member of the Reagan cabinet and OMB Director, he has provided unique insights into the workings of government and the consequences of policy decisions.
His critiques of Reagan-era policies have been instrumental in shaping public discourse on issues like budget deficits, tax reform, and the role of government in the economy. Stockman's work continues to be referenced by policymakers, economists, and journalists today, making him an important figure in American economic history.
Quotes by David Stockman
The Ryan plan isn’t a budget. It’s the last will and testament of the Republican party.
I’m just not going to spend a lot of political capital solving some other guy’s problem in 2010.
I invest in anything that Bernanke can’t destroy including Gold, canned beans, bottled water and flashlight batteries...
It’s kind of hard to sell ‘trickle down,’ so the supply-side formula was the only way to get a tax policy that was really ‘trickle down.’ Supply-side is ‘trickle-down’ theory.
Now that the storm has passed and rebuilding will restart, the future is even brighter for Biloxi,
Bernanke has cultivated this idea that he is a brilliant scholar of The Great Depression, but that’s not true at all.
In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices. And it couldn’t pass even if Republicans were to take the presidency and both houses of Congress. Mr. Romney and Mr. Ryan have no plan to take on Wall Street, the Fed, the military-industrial complex, social insurance or the nation’s fiscal calamity and no plan to revive capitalist prosperity — just empty sermons.