David Stockman facts for kids
Quick facts for kids
David Stockman
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Stockman in 2017
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| 25th Director of the Office of Management and Budget | |
| In office January 21, 1981 – August 1, 1985 |
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| President | Ronald Reagan |
| Preceded by | Jim McIntyre |
| Succeeded by | Jim Miller |
| Member of the U.S. House of Representatives from Michigan's 4th district |
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| In office January 3, 1977 – January 21, 1981 |
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| Preceded by | Edward Hutchinson |
| Succeeded by | Mark Siljander |
| Personal details | |
| Born |
David Alan Stockman
November 10, 1946 Fort Hood, Texas, U.S. |
| Political party | Republican |
| Education | Michigan State University (BA) Harvard University |
David Alan Stockman (born November 10, 1946) is an American politician and former businessman. He was a Republican U.S. Representative for Michigan from 1977 to 1981. He also served as the Director of the Office of Management and Budget (OMB) from 1981 to 1985 under President Ronald Reagan.
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Early Life and Education
David Stockman was born in Fort Hood, Texas. His father, Allen Stockman, was a fruit farmer. His mother was Carol Bartz. David grew up in a conservative family in St. Joseph, Michigan. His family's roots are German.
He went to public schools in Stevensville, Michigan. In 1964, he graduated from Lakeshore High School. He then earned a degree in History from Michigan State University. After that, he studied theology at Harvard University for a short time.
Public Service Career
Before becoming a politician, David Stockman worked for United States Representative John Bayard Anderson. He was a special assistant from 1970 to 1972. Later, he became the executive director for the United States House of Representatives House Republican Conference. This role lasted from 1972 to 1975.
Serving in Congress
In 1976, Stockman was elected to the United States House of Representatives. He represented Michigan's 4th congressional district in Southwest Michigan. He was reelected two more times. He served in the House from January 3, 1977, until January 21, 1981. He left Congress to take on a new role for President Ronald Reagan.
Leading the Budget Office
David Stockman became the Director of the Office of Management and Budget (OMB). The OMB helps the President prepare the national budget. Stockman was a very important figure in shaping President Reagan's economic plans. These plans were often called "Reaganomics."
He helped pass the "Reagan Budget," also known as the Gramm-Latta Budget. Stockman hoped this budget would help control government spending. He was known as a tough negotiator with leaders in both the House and Senate. During this time, he became well known to the public.
Stockman's influence lessened after an article about him was published in Atlantic Monthly magazine in 1981. The article, "The Education of David Stockman," was based on interviews he gave to reporter William Greider.
In the article, Stockman was quoted talking about the 1981 tax cut. He said it was a way to lower the highest tax rates. He also said, "None of us really understands what's going on with all these numbers."
After this, Stockman became worried about the growing federal deficits and the increasing national debt. He resigned from the OMB in August 1985. Later, he wrote a book about his time in the Reagan Administration. The book was called The Triumph of Politics: Why the Reagan Revolution Failed. In it, he discussed how government spending was not reduced enough to balance the large tax cuts.
Understanding the National Debt
When David Stockman started at the OMB, the national debt was about $907.7 billion. By September 30, 1985, shortly after he left, the national debt had grown to $1.8 trillion. His work involved negotiating the budget for the next fiscal year. By September 30, 1986, the national debt reached $2.1 trillion.
In 1981, Stockman received an award for public service. It was the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under.
After Government Service
After leaving government, Stockman worked in finance. He joined Salomon Brothers, a Wall Street investment bank. Later, he became a partner at the Blackstone Group, a private equity company. Private equity companies invest in other businesses.
His work at Blackstone had mixed results. Some investments did very well, like American Axle. Others, like Haynes International, did not succeed. In 1999, Stockman left Blackstone to start his own private equity company. It was called Heartland Industrial Partners, L.P.
Heartland Industrial Partners raised a lot of money from investors. Stockman's company bought parts of companies in industries like auto parts and textiles. They completed many deals to create four main companies. However, some of these investments did not do well.
Collins and Aikman Corp.
In August 2003, Stockman became the CEO of Collins & Aikman Corporation. This company made parts for car interiors. He left this job just before the company filed for bankruptcy in May 2005.
Personal Life
David Stockman lives in Manhattan, New York. He is married to Jennifer Blei Stockman. They have two children, Rachel and Victoria. Jennifer Blei Stockman has been involved with the Republican Majority for Choice. She also serves on the board of the Solomon R. Guggenheim Foundation.
In 2013, Stockman supported same-sex marriage in a legal brief to the Supreme Court. In 2018, he shared his views on U.S. foreign policy. He is also on the board of directors for the Committee for a Responsible Federal Budget.
Images for kids
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Ronald Reagan and David Stockman at Camp David during a debate preparation for upcoming debate on domestic policy, 1984
