Greenspan: "Easy Choices are Long Gone"
see "Greenspan warns U.S. on budget deficits" (Business Week Online, 11/3/05)
http://www.businessweek.com/ap/financialnews/D8DL6QD8G.htm
In testimony before Congress this week, Alan Greenspan gave another stern warning about the threat that persistent large budget deficits pose to our nation's economy and long-term interest rates.
Unfortunately, Greenspan's words are falling, if not on deaf ears then on weak spines. Republicans, once nominally the party of fiscal responsibility, now poll lower than Democrats in public opinion of who would be better stewards of the budget. We know that Democrats never met a tax they didn't want to raise or a government program they didn't want to fund (with the possible exception of military or other strategic programs.) So, if the Republicans are even more wasteful with taxpayers' dollars than the Democrats, we're in a lot of trouble.
Unfortunately, the Republicans have given us little reason to believe anything but the worst. The unconscionable Transportation Bill was one of the worst examples of pork I have seen. There have been some noises from certain Republican senators, such as Wayne Allard of Colorado, to re-address that bill in order to save money which could be used to rebuild New Orleans and the Gulf Coast. I hope Senator Allard can find some allies and build momentum even if it means calling Senator Stevens' bluff. (He said he would resign from the Senate if the $230 million bridge to nowhere was taken out of the bill.)
Greenspan has left a much better than average legacy, although one can (and should) debate whether the Fed prevents or fixes more problems than it causes. In any case, he is a highly respected voice in Congress. To the extent that they will heed anybody's warning about the risks of excess government spending, they will heed his. But, as I have mentioned before, most of our legislators are much more addicted to our money (and the votes they buy with it) than they are principled about Constitutional limited government, and the limited costs that go with it.
| Print article | This entry was posted by Rossputin on 11/06/05 at 04:11:05 am . Follow any responses to this post through RSS 2.0. |
Yours truly
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11/14/05 @ 11:05:02 pm
Finally the Democrats are justly recognized as the better stewards of the economy.
According to data available from the OMB, more than 6 out of 7 of all dollars of deficit spending were during Republican presidential administrations.
On a per yer basis, our last two Republican president are the worst deficit spenders in histoy: Bush II is the worst deficit spender of all presidents, with Bush I coming in second. In comparision, our last Democratic president actually ran a budget surplus on average during his administration.
The economy can't afford any more Republican deficit spending. Our kids and grandkids can afford it even less.s
12/07/05 @ 11:00:19 am
Hi mr.Greenspan december 7,2005
at 12;53pm...
Read your note to the president and congress.Mr.Greenspan I feel sorry
for you because of your voice,but i truly belief you are speaking to dead leaders.Mr.Bush ANd MR.Rumsfelf
and even dick cheney are more worried about saddam hussein then
about your american deficit.You might care and feel sorry.not these individualsThey are looking at their watch and they notice the time is clicking and in a few moment
is vacation time....True vacation begins in three years for all of them.What the heck do these individual actually care..They get their life pension with all their money in the bank...Take my word as
cash..They.these individuals say
to each other,what the hell should I care...let the next president
and congress take care of this mess.
In a com[pany these individuals would
have been discarded many years ago.
yes,these seems to be a problem...