Sunday, November 7th, 2010
David Stockman says Wall Street 'doesn't deserve' extension of tax cuts; US becoming 'banana republic of finance'
A former Reagan administration budget director who was behind the largest tax cut in US history now says the US can't afford any more tax cuts, and both major parties are participating in a "big lie," pretending that no tax hikes are necessary despite a three-decade record of growing budget deficits.
In an interview with ABC's Christiane Amanpour, David Stockman warned that government services, including military spending and social programs, would have to be cut back significantly and taxes would have to be raised to avoid financial "disaster."
Stockman strongly criticized the GOP for their push to extend the Bush tax cuts.
"This is not 1981," Stockman said. "This is not 'morning again in America.' We've drifted now for 30 years."
