The president insisted that any new trade deal with America's neighbor would be "totally on our terms."
"There was never a problem with NAFTA," says David Stockman.
The current state of the U.S. and global economies is unclear. Wherever you look, the data and trends suggest uncertainty. Will the Federal Reserve raise interest rates next month? Will economic growth ever again exceed 2 percent? Is the stock market overvalued and on the verge of another major dip?
In 1979, as a law clerk to a Federal district court judge in Baltimore, I earned a whopping annual salary of $17,500. For a newly minted law-school graduate, the compensation was well below the starting salary at major law firms, but I was nonetheless able to live reasonably well and, memorably, launched a wine collection that year by purchasing a bottle of 1973 Chateau Petrus.
The pope is hardly alone in criticizing trickle-down economics. David Stockman, one of the architects of Reaganomics, was no pinko commie when he expressed grave second thoughts about supply-side economics. At least Francis did not use the horse manure analogy of John Kenneth Galbraith.
The self-confessed smartest guy in the room has written a compelling, intensely readable book that exhumes aspects of economic history that both Democrats and Republicans likely wish would have stayed hidden.
Ben Bernanke has been a stalwart of federal economic policy since the 2008 collapse. While most of the original crafters
David Stockman's New York Times 'rant' glorifies the gold standard and denigrates government for standing in the way of putting "free markets and genuine wealth creation back into capitalism." In fact, Stockman would return us to an earlier era of crony capitalism.
The cultural hegemony of the moneyed classes enables them to use the mass media and elite institutions as a transmission belt for these economic ideas.
Krugman criticized the op-ed, calling Stockman a “cranky old man,” and referring to the piece as “just a series of gee-whiz
The deep pain and tragedy of unintended consequences are experiences that Stockman and Sachs share, and that they each carry with them to this day. We need them to write about that, because that is where they have the greatest insight to offer, and the side of their stories that people most need to understand.
There are a couple of good ideas mixed into this goulash, like overturning Citizens United and 100 percent public financing