David Stockman

David Stockman

David Stockman is an American politician and former businessman, who served as the Director of the Office of Management and Budget (OMB) under President Ronald Reagan from 1981 to 1985. He is known for his role in the implementation of the Reaganomics economic policies and his subsequent criticism of them.

Early Life and Education

Stockman was born on November 10, 1946, in Fort Wayne, Indiana. He attended Michigan State University, where he studied history, graduating in 1968. He later attended Harvard Divinity School, but left before completing his degree to pursue a career in politics.

Political Career

Stockman began his political career in the early 1970s as a legislative assistant to a Michigan congressman. He was elected to the United States House of Representatives in 1976, representing Michigan's 4th congressional district.

In 1981, Stockman was appointed as the Director of the OMB by President Reagan. In this role, he was responsible for developing and overseeing the federal budget. He played a key role in the implementation of Reagan's economic policies, known as Reaganomics, which involved tax cuts, decreased social spending, and increased military spending.

However, Stockman later became a critic of Reaganomics, arguing that the policies led to increased deficits and did not achieve their intended economic benefits. He left the OMB in 1985 and wrote a book, The Triumph of Politics, in which he detailed his experiences and criticisms.

Later Career

After leaving politics, Stockman pursued a career in business. He served as a managing director at Salomon Brothers, a Wall Street investment bank, and later founded his own private equity fund. He has also written several books on economic and political issues, and is a frequent commentator on financial news programs.

Legacy

Stockman's tenure at the OMB and his subsequent criticism of Reaganomics have made him a controversial figure in American politics. His views on economic policy continue to be influential and are often cited in debates over fiscal policy.

See Also

• Reaganomics
• Office of Management and Budget
• Ronald Reagan
• United States House of Representatives