Friday, March 04, 2005
Alan Greenspan, Partisan Hack
The New York Times' Paul Krugman explains:|
Deficits and DeceitHeaven knows the economy would suffer if Paris Hilton and her ilk were forced to actually pay taxes...
By PAUL KRUGMAN
Published: March 4, 2005
Four years ago, Alan Greenspan urged Congress to cut taxes, asserting that the federal government was in imminent danger of paying off too much debt.
On Wednesday the Fed chairman warned Congress of the opposite fiscal danger: he asserted that there would be large budget deficits for the foreseeable future, leading to an unsustainable rise in federal debt. But he counseled against reversing the tax cuts, calling instead for cuts in Social Security, Medicare and Medicaid.
Does anyone still take Mr. Greenspan's pose as a nonpartisan font of wisdom seriously?
(Source: New York Times)