David Stockman was the Director of the OMB during Reagan's first term. Even back then he was known as a crusader against deficit spending and the accumulation of Government debt. My estimation of him was raised considerably when he recently was highly critical of Reagonomics and the extension of the Bush tax cuts: "We're simply deferring massive taxes unfairly and immorally putting huge debt burdens on future generations and that is just wrong." Stockman supported the tax cuts under Reagan, but ONLY if they were accompanied by a commensurate amount of spending cuts. They were not...
He was on CNBC Friday for his take on the jobs report: Re CNBC's reporting on the employement report: "I heard more spin-control when I came out this morning than I ever heard in the White House."
On the fraudulently constructed unemployment rate metric of 9%: "if we had the same [labor force] participation rate this January that we had a year ago...the unemployment rate reported this morning would have been 9.9% rather than 9...the 103.2mm jobs that were in the economy reported this morning is a number that was first reached in October 1999." Thus there's been no net job creation over the last 12 years.
And on the Fed money-printing policy: The Fed policy is (so) dangerous. They say they are printing money like there's no tomorrow...to somehow stimulate jobs when it's pretty clear that the only thing that's happening is that all of these new high-powered reserves are flowing into the world economy creating the most vicious commodity hyperinflation"
Here's is the segment, which starts around the 3 min mark. Unfortunatey Faber and the other douchebag on CNBC cut-off Stockman several times while he's making some insightful comments, but this is worth watching: