The Education of David Stockman – The Atlantic (December 1981): “The Education of David Stockman – The Atlantic (December 1981)

Stockman himself had been a late convert to supply-side theology, and now he was beginning to leave the church. The theory of ‘expectations’ wasn’t working. He could see that. And Stockman’s institutional role as budget director forced him to look constantly at aspects of the political economy that the other supply-siders tended to dismiss. Whatever the reason, Stockman was creating some distance between himself and the supply-side purists; eventually, he would become the target of their nasty barbs. For his part, Stockman began to disparage the grand theory as a kind of convenient illusion—new rhetoric to cover old Republican doctrine.

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