President Barack Obama came to office during an economic crisis, as he has reminded us a time or two. Those were very tough days, and any fair measure of his record has to take that into account. My home state voted for President Obama. When he talked about change, many people liked the sound of it, especially in Janesville, where we were about to lose a major factory.
A lot of guys I went to high school with worked at that GM plant. Right there at that plant, candidate Obama said: "I believe that if our government is there to support you ... this plant will be here for another hundred years." That's what he said in 2008.
Well, as it turned out, that plant didn't last another year. It is locked up and empty to this day. And that's how it is in so many towns today, where the recovery that was promised is nowhere in sight
It went to companies like Solyndra, with their gold-plated connections, subsidized jobs, and make-believe markets. The stimulus was a case of political patronage, corporate welfare, and cronyism at their worst. You, the working men and women of this country, were cut out of the deal.
What did the taxpayers get out of the Obama stimulus? More debt. That money wasn't just spent and wasted – it was borrowed, spent, and wasted.
Paul Ryan’s Fairy-Tale Budget Plan
Thirty years of Republican apostasy — a once grand party’s embrace of the welfare state, the warfare state and the Wall Street-coddling bailout state — have crippled the engines of capitalism and buried us in debt. Mr. Ryan’s sonorous campaign rhetoric about shrinking Big Government and giving tax cuts to “job creators” (read: the top 2 percent) will do nothing to reverse the nation’s economic decline and arrest its fiscal collapse.
Mr. Ryan showed his conservative mettle in 2008 when he folded like a lawn chair on the auto bailout and the Wall Street bailout.
In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices. And it couldn’t pass even if Republicans were to take the presidency and both houses of Congress. Mr. Romney and Mr. Ryan have no plan to take on Wall Street, the Fed, the military-industrial complex, social insurance or the nation’s fiscal calamity and no plan to revive capitalist prosperity — just empty sermons.
David A. Stockman, who was the director of the Office of Management and Budget from 1981 to 1985, is the author of the forthcoming book “The Great Deformation: How Crony Capitalism Corrupts Free Markets and Democracy.”
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