Despite Deficits, Greenspan Says To Keep Tax Cuts and Cut Social Security/Medicare Instead
Amazing. While he spent the 90's scolding everyone about the need to eliminate the deficit, Alan Greenspan nows tells Congress to extend Bush's tax cuts, despite the current deficit forecasts for doing so. If the deficits continue, Greenspan told Congress today that entitlement spending should be cut to maintain the tax cuts.
No one should have any further doubt about Greenspan after this. He is nothing more than a corporatist masquerading as an economist. To him, it is better for the well-off to keep their dividend tax cuts and low tax burdens, and for corporations to keep getting tax breaks for sending jobs overseas, and for the Pentagon to get whatever it wants. To pay for those goodies and the deficits that are already in place, Greenspan wants to take it from the middle class and less well-off.
At least it is now clear what to make of Greenspan and his forecasts. A day after he told the Congress that things were looking better, the number of new claims for unemployment went up unexpectedly.