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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Growing Up and School
David Stockman was born in Fort Hood, Texas. His father, Allen Stockman, was a fruit farmer. David grew up in a conservative family in St. Joseph, Michigan. His grandfather was a Republican treasurer for 30 years.
He went to public schools in Stevensville, Michigan. He finished Lakeshore High School in 1964. Later, he earned a degree in History from Michigan State University. He also studied theology at Harvard University for a short time.
Early Career
Before becoming a politician, David Stockman worked for United States Representative John Bayard Anderson from 1970 to 1972. He also served as the executive director for the United States House of Representatives House Republican Conference from 1972 to 1975.
Serving in Congress
In 1976, Stockman was elected to the House of Representatives. He represented Michigan's 4th congressional district. He was reelected twice, serving from January 1977 until January 1981. He left Congress to take on a new role.
Leading the Budget Office
In 1981, President Ronald Reagan chose David Stockman to lead the Office of Management and Budget (OMB). The OMB helps the President create the government's yearly budget. This means they plan how the government will spend money.
Stockman was a key figure in developing "Reaganomics." These were economic policies under President Reagan that aimed to reduce taxes and government spending. He worked hard to get the "Reagan Budget" passed. This budget aimed to cut back on government programs.
He became known for being a tough negotiator. He worked with both the Democratic-controlled House of Representatives and the Republican-controlled Senate. During this time, many people learned about Stockman. He was often in the news because of the big debates about the government's role.
In 1981, a magazine article called "The Education of David Stockman" was published. It was based on interviews Stockman gave to a reporter. The article shared some of Stockman's honest thoughts about the budget plans. This caused some challenges for him within the Reagan administration.
After this, Stockman became worried about the growing federal deficits (when the government spends more than it collects in taxes) and the rising national debt (the total amount of money the government owes). He resigned from the OMB in August 1985.
Later, he wrote a book about his experiences called The Triumph of Politics: Why the Reagan Revolution Failed. In his book, he talked about how Congress did not reduce government spending enough to match the large tax cuts. This led to bigger deficits and more national debt.
Government Spending and Debt
When President Jimmy Carter's term ended, the national debt was about $907.7 billion in September 1980. By October 1981, during Stockman's first year in office, it had reached $1 trillion.
By September 1985, shortly after Stockman left the OMB, the national debt was $1.8 trillion. By September 1986, it grew to $2.1 trillion. Stockman's work at the OMB involved many negotiations about these budgets.
In 1981, Stockman received an award for his public service. It was the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under.
Business Life
After leaving government, Stockman worked in finance. He joined Salomon Brothers, a large investment bank. Later, he became a partner at Blackstone Group, a private equity company. At Blackstone, he had some successful investments and some that didn't do as well.
In 1999, Stockman left Blackstone to start his own company. It was called Heartland Industrial Partners, L.P. His company raised a lot of money from investors. Heartland focused on buying companies in industries like auto parts and textiles. Some of these investments faced difficulties. For example, one company, Collins & Aikman, later faced serious financial challenges.
Collins and Aikman
In August 2003, Stockman became the CEO of Collins & Aikman Corporation. This company made parts for car interiors. He left this job in May 2005, shortly before the company had to reorganize its finances.
Personal Life
David Stockman lives in Manhattan, New York. He is married to Jennifer Blei Stockman. They have two children, Rachel and Victoria. His wife is involved with several organizations, including the Solomon R. Guggenheim Foundation. In 2013, Stockman supported same-sex marriage. He has also shared his views on U.S. foreign policy. He serves on the board of directors for the Committee for a Responsible Federal Budget.
