WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan warned on Thursday that unless lawmakers come to grips with spiraling U.S. deficits, the economy was at risk of stagnation 'or worse.'This is the same guy that was cheerleading bush's tax cuts and our continued over spending on credit. Now he says we can't maintain the budget w/ this sort of tax revenue coming into the government. Greenspan's guidence is non-existent with his criptic proclaimations and downright irresponsible political advice. He's basically saying our problems come from doing EXACTLY what he's suggested. this senile old man needs to retire--yesterday.
under existing tax rates and reasonable assumptions about other spending... projections make clear that the federal budget is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years,' Greenspan said in testimony prepared for a Senate Budget Committee hearing.
Thursday, April 21, 2005
You Hack Bastard!
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Man, I think you miss the point about Greenspan. He's not a weatherman. He's a puppet. He is used by the administration to steer the economy and such in the direction they want. They want to make tax cuts...so he says tax cuts are good. They want to spend a lot on credit...he tells them Hell yeah. They want an excuse to cut education or raise middle class taxes or give a tax cut to everyone except the midle and lower class...he says he sees bad things on the horizon.
So, he just does whatever they say. His pronouncements have the air of prediction and/or fortelling, but I think in reality they are nothing of the sort. Bush wanted good info going into the elections and such and he got it. Now he wants to do some unpleasant things, so he has Greenspan to get everybody ready for it.
Oh, i agree 100% and wasn't trying to say otherwise. that is what i meant by calling him a (political) hack bastard. what he SEES on the horizon, good or bad, are the policy decisions he decides to support.
The bottom line is that there has to be a reasonable degree of spending and taxation. his suggestions never touch on those things in tandem and when he DOES laude one (tax cuts) he does not get into details about the shrinking revenues (and growing debt) that go along with it.
I also agree that this is a foreshadow of what could be coming. i believe the longterm plan is to run up the deficits so that you have no money to fund programs, that way you can claim "oh, we have to cut the budget" then they seem to have an excuse to cut the pet projects they (the gop) don't like.
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