Thursday, February 13, 2003

I still <3 Alan Greenspan!

No, not in the Allen Ginsberg way. But Greenspan has been receiving heat lately for the poor condition of the economy--he's no longer the Wizard he was during the late 90s.

I think it's clear that that's the fault of unforeseeable expenses in the War on Terror and reckless spending by the Bush Administration. Tax cuts? (which are designed to give more money proportionally to those who don't need to spend anymore) An impending war against Iraq that has spiked oil prices?

Greenspan noted all this and more today. As the NYTimes puts it, Greenspan Throws Cold Water on Bush Arguments for Tax Cut:

WASHINGTON, Feb. 11 — Alan Greenspan, the Federal Reserve chairman, today rebutted many of President Bush's arguments in favor of big new tax cuts, saying that the economy probably does not need any short-term stimulus and warning that budget deficits could spiral out of control.


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