Paul Ryan Is a Fiscal Fake: David Stockman

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Dec. 9 (Bloomberg) -- David Stockman, former director of Office of Management and Budget, discusses the budget negotiation process and state of the U.S. deficit on Bloomberg Television’s “Bloomberg Surveillance.”

The deficit and g.d.p. is moving in the right direction.

If you were working for president obama, you would be out there saying i think this is a fabulous migration we're making.

Why are we so miserable?

I would be scared to death.

This victory lap is unwarranted.

We're in the fifth year of a recovery now.

Touf have context.

If you take the one-time revenue windfall within the two-thirds budget you're running at 800 billion.

That's 5% of g.d.p. no one's abolished the business cycle.

Sooner or later down the road there's going to be -- even if we get to 300 billion we're going to turn around and go the other way?

That's what the cbo projections show.

They assume that we get to full employment in 2017 and stay there until eternity.

If you have a more realistic, non-rosy scenario, the deficit gos back above $1 trillion.

Yet this increases the deficit and pretends they're going to offset it.

Who is being more stockman responsible, democrats or republicans?

I think i would give a low grade to both sides.

But which one is doing a better job?

The lowest grade to the republicans to ryan.

I think he's proving once again that he is a fiscal fake.

It's his job to stand up and tell the truth.

And when he says we can raise spending for defense back to the pre-sequester level or for domestic, that is just evidence that we're going in the wrong direction.

We can easily live with the sequester.

It's a washington beltway lie that we can't live with $600 billion of outlays for defense, 50% more than we had in 2000 and we've had no new industrial enemies come after us since then that we can't live with 600 billion in domestic discretionary spending.

Again, 200 billion more than bill clinton left in real dollars today's dollars.

And i don't think he was starving.

In any deal we see out of ryan and patty murray a joke?

It's a total joke.

And i would hope that at least some of the people on the progressive side would understand if they don't get at entitlement reform and revenue raising now it's going to be far worse later.

And the republicans on the tea party side would be right to reject this deal because it's nothing but a beltway scam.

Bloomer surveillance jargon alert there.

David stockman using the word progressive.

I believe he meant liberal.


Are people talking about the real possibility of another shutdown?

Not with this deal and all the optimism around it.

They want to go home for the holidays.

They do not want that hanging over their head in january.

That's the biggest deal this gets done.

But it leaves the tough decision force another day.

And there are a lot of people

This text has been automatically generated. It may not be 100% accurate.


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