In this book, David Stockman provides an insider's account of the Reagan administration's fiscal policies and the reasons behind their failure. Stockman details the dueling delusions between President Ronald Reagan and himself: Reagan's economic delusion that taxes could be cut, military spending increased, and the budget balanced without cutting popular domestic programs, and Stockman's political delusion that such cuts could be implemented in the U.S. democratic system. The book highlights the challenges of budgeting during the era of disinflation and the role of Federal Reserve Chairman Paul Volcker. It also discusses the political realities that prevented deep spending cuts and led to significant increases in the national debt.