Stockman's End Of World Scenario
David A. Stockman is a former Republican congressman from Michigan, President Ronald Reagan’s budget director from 1981 to 1985 and the author, most recently, of “ The Great Deformation: The Corruption of Capitalism in America .” has an editorial in the April 1, 2013 issue of the New York Times concluding that our economy is about to collapse. It is worth reading. I do not agree with him, although action is needed now, and here are some of my thoughts. 1. We were at a near depression in 2008 and are still crippled by chronic unemployment. Congress refuses to do anything about this and therefore the only tools left to combat this near depression are controlled by the Fed. 2. Our debt problem is getting closer to being solved with both Congress and Senate finally passing budgets that need to be reconciled. We can control our debt in an orderly fashion over a 15-20 year period. 3. Stockman mentions little about the larger threat of emerging middle classes in the world including Chi