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News Link • Economy - Economics USA

Fiscal Sundown In America, Part 1

• By David Stockman

Contrary to the Donald's delusional promise that the American people will get some tax cut sugar plums for Christmas, we are reasonably confident that this misbegotten exercise in reverse-robin hood economics won't reach his desk. But whether it passes in some diluted form or not, we are entirely sure that what the American people are actually getting is a giant lump of fiscal coal----courtesy of the craven capitulation of McConnell & Co to the K-Street lobbies and Wall Street.

And we do mean craven in the very fullest sense of beltway mendacity. Come to think of it, we have witnessed few exercises in raw partisan brinksmanship that were as meretricious and fiscally irresponsible as the current GOP campaign to pass a tax bill---any tax bill--- merely for the sake of posting a legislative victory.

And that assessment comes after scrolling all the way back to 1970, when your editor got a $50 loan from his mother in order to buy an airline ticket from Boston (where we were hiding out from the Vietnam War at Harvard Divinity School) to Washington DC (to interview for a job on Capitol Hill). As it happened, we got the job, paid back the loan and have since then witnessed 47 years of Warfare State and Welfare State aggrandizement up close and personal.

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