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Politics Bring U.S. Close to ‘Class War,’ Stockman Says in NYT

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April 24 (Bloomberg) -- Bipartisan politics are bringing the U.S. close to class war and deepening the fiscal stalemate, David Stockman wrote in an op-ed article published in today’s New York Times.

The fiscal condition of the U.S. requires higher taxes on the middle class, not just the richest two percent, and entitlement reform requires means-testing Social Security and Medicare programs, not just squeezing smaller areas like Medicaid and food stamps, Stockman wrote.

President Barack Obama has denied the first point while Representative Paul D. Ryan, chairman of the House Budget Committee, contradicted the second by putting the entire burden of entitlement reform on the poor, according to Stockman.

“The Ryan plan worsens our trillion-dollar structural deficit and the Obama plan amounts to small potatoes, at best,” Stockman wrote. “The global bond market is already rumbling -- and around the corner, a fiscal conflagration surely lies.”

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To contact the reporter on this story: Jonathan Keehner at jkeehner@bloomberg.net

To contact the editor responsible for this story:

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