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 China and India. We need to invest now in education and infrastructure if we are to keep up.
4. Keynesian economics has been misapplied and this must change. We should be reducing debt during good times that was built up during bad times. The time is not now.
5. Mr. Stockman forgets that the good times of the 1950’s was manly brought about by being the last industrialized country standing after World War II. It was not the great policies of Eisenhower; however, he did seize the opportunity.
6. Stockman was right, we did allow ourselves to become intoxicated with cheap Asian money that contributed to our current economic crisis. One has to wonder whether Nixon and Kissinger were out witted by the propensity of the Chinese to be long-term thinkers.
7. Stockman is wrong that we should have let the financial sector collapse in 2008. That would have resulted in a worldwide depreciation. We made errors before and after, but the bailouts were correct decisions.
8. Stockman is wrong about the inability to reach a grand bargain on the debt. It will happen, especially with both the senate and congress finally passing budgets. Obama needs to step up and take the lead. He needs to put a plan on the table and explain it, in fireside chat fashion, to the American people. It is not time for grandiose speeches it is time for detailed discussion done in increments.
9. The end of the world is not at hand. However, there is much to do.