Monday, April 25, 2005
The Greenspan Tango (or Shuffle)
Four years after shedding his neutrality to endorse President Bush's massive tax cuts (targeted primarily to benefit the top 1% of wealthy Americans) the Chairman of the Federal Reserve Bank is having "second thoughts"! The fact that even Alan Greenspan failed to remain apolitical, as his position required, is a sad commentary on our system of government.
"Federal Reserve Chairman Alan Greenspan said Thursday that his support for tax cuts in early 2001 unintentionally encouraged policies that helped swing the federal budget from surplus to record deficits.
In addition, he explicitly said for the first time that he expects tax increases to be part of any bipartisan agreement on deficit reduction."