Reagan's Budget Guy Calling for Tax Hikes

Former Reagan Budget Director David Stockman has been out on the talk show trail sounding an alarm on our economic situation. The deficit problem is too dire not to raise taxes, he argues. Stockman says...

...Republicans like Boehner, Democrats like President Obama and Federal Reserve Chairman Ben Bernanke, who appear very willing to extend the Bush-era tax cuts are only adding to what he says has been a "30-year binge of debt creation in the public and private sectors," that is creating a "new normal of poor growth" and will lead to an economic Armageddon, once buyers of U.S. stocks, bonds and treasury notes wake up to the reality that America is no longer the sound investment it once was.

Let's not talk about increasing taxes until Democrats, and the labor movement that controls them, will cut wasteful spending.