During the early 1980s, David Stockman, Ronald Reagan’s first budget director, spearheaded efforts to reduce the size, scope, and spending of the federal government. Stockman faced opposition from Democrats for advocating cuts to welfare programs as well as from his fellow Republicans for advocating cuts to defense spending. In his memoir, The Triumph of Politics: Why the Reagan Revolution Failed, Stockman describes how political expediency led to the abandonment of libertarian principles. Stockman’s new book, Trump’s War on Capitalism, critically examines Donald Trump’s presidency and his deviation from traditional Republican values. At a recent Reason Speakeasy event, Stockman discussed his political evolution and his belief that a clean break from Trumpism is necessary for the future of the Republican Party. Stockman also criticized Trump’s handling of COVID lockdowns, his relationship with Wall Street and the Federal Reserve, and his views on immigration. He urged the need for a genuine contest between a government party and an anti-government party in the United States. According to Stockman, Trump’s presidency failed to uphold free markets, fiscal responsibility, sound money, personal liberty, and limited government.