As explained here and here.

I’ve always liked Stockman, and I’ve always thought he was right about Ronald Reagan and the economic record of the Reagan administration. Stockman is one of those guys to whom Bruce Bartlett owes an apology.

“Starve The Beast” has failed. Sadly, our best hope now may be “Bankrupt The Beast”. Only an across the board bankruptcy of national, state, and municipal governments promises to cut off the never ending fire hose of money borrowed by government from the bond market or created out of thin air by the Federal Reserve.

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