Wednesday, March 02, 2005

Running on Empty.



Alan Greenspan announced today that current federal budget deficits are "unsustainable." Greenspan pointed out that either spending will have to be limited or taxes will need to be raised. Wow. We really should give this guy a raise. I mean, whoa, it's shocking to hear that the current administration's reckless spending and ridiculous tax cuts are actually bad for the country. How do you think the Bush administration will react? My guess is that they'll continue to extend tax breaks to the wealthy and spend money up the wazoo. Man, this administration blows...

4 Comments:

Anonymous Anonymous said...

I am very surprised Greenspan decided to go against his man today. This has been going on for four years and now he decides to draw the line?

1:39 AM  
Anonymous Anonymous said...

He has said in the past that continuing deficits are bad. Well at least we got that new submarine (Jimmy Carter) so we can battle on the seas with ??? Wait what are we doing with it. Maybe russia or china can be our enemy again. Oh wait Russia's submarine fleet is rusting and China does not need to attack us as we are shipping our money over there for trinkets as fast as we can.

11:53 AM  
Anonymous little john said...

I heard the same "deficit death" argument during the Reagan years. What happened? Why aren't we a second rate economy twenty years later?

12:37 PM  
Blogger Vavoom said...

little john: Recall that Reagan cut spending on most programs but not defense. Once the cold war ended, that freed up a huge chunk of change. I'm not so sure that we can equate W's economic policies to Reagan's so clearly. Good point, though.

10:58 PM  

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