Former White House budget directors David Stockman and Peter Orszag spar over the stimulus, healthcare, defense spending and whether President Eisenhower was a monetary genius in a debate moderated by Sir Harold Evans at Reuters’ headquarters

Category: Taxes and Policy, Video

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5 Responses to “Stockman, Orszag in Budget Battle Royale”

  1. gman says:

    This debate was settled in the 30s at Oxford. Keynes destroyed Hayek. We are in the midst of what would have been typical gold standard era downturn.


  2. MikeNY says:

    I don’t think Stockman is totally on crack. The answer is NOT just to borrow more money to continue feeding the obese, rapacious fleshpots of our medical- and military-industrial complexes.

    I’m fine with investing hundreds of billions in infrastructure; but to fund that, I say i) nationalize healthcare, and ii) reduce military spending by 50%.

  3. romerjt says:

    Watching the Stockman analysis I got the feeling that it was like someone analyzing why dysfunctions in a family were causing all the problems and unhappiness – a reality check. However, his prescriptions for fixing the problems like abolishing the minimum wage and the Fed and returning to the gold standard are the equivalent of having brother billy stop drinking, go to college and turn in his guns. For better or worse, its not going to happen which makes Stockman’s reality check, well, sort of unreal. Does he have a plan B? I just can’t imagine, even if McCain had been elected in 2008 that the federal government could have said to the American people, “It’s time to eat your broccoli, we’re not doing anything, its going to hurt but its the right thing to do!”

  4. socaljoe says:

    Deficit spending is destructive if used to fund warfare, welfare, and consumption.

    Deficit spending can be good for society if used for productive investment which generates a return on investment greater than the cost to finance the borrowing which was used to fund it.

  5. end game says:

    Orszag destroyed Stockman, and did it politely, sensitively, and with humor. As just one example, he kept referring to the chart showing the U.S. doing much better than the Euro zone and the U.K. by not imposing austerity on itself, to which Stockman, of course, had no reply.