I was quite ready to add Alan Greenspan to my sold-out list today. Surprise– he came down hard against the Bush tax plan, for the obvious reason that it will create huge government deficits and necessitate strenuous borrowings by future administrations to pay the bills. Kudos to Alan Greenspan for consistency!
July 2005: I spoke too soon.
Greenspan shamefully “righted” himself and endorsed Bush’s tax-cutting strategy. Ironically, it is now demonstrable that Bush’s argument that tax cuts rev up the economy thus producing off-setting increases in tax revenues is wrong, wrong, wrong.
He still buys into the stupid “double-taxation” joke on dividends (as if wages aren’t taxed twice as well, once as income, and secondly as social security).
2011-05 It is now obvious that Greenspan was right the first time: the Bush tax cuts are a major contributing factor to the massive government deficits facing the current administration. But then, his reputation is pretty well destroyed by now anyway