David Stockman on Why Austerity Isn't Discretionary

Remembering when Reagan's former budget director wasn't so provocative.

David Stockman is taking a beating from all sorts of journalists and economists over his screed in the New York Times last weekend, in which he warned of a coming market crash, said "the United States is broke -- fiscally, morally, intellectually," and blamed the country's bleak future on failed policies by U.S. leaders ranging from former President Franklin Roosevelt to Federal Reserve Chairman Ben Bernanke.

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