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Home Publications Blogs Beat the Press Alan Greenspan Wants the Tax Cuts to Expire: Why Should Anyone Care?

Alan Greenspan Wants the Tax Cuts to Expire: Why Should Anyone Care?

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Friday, 16 July 2010 05:07

When he was Fed chairman, Alan Greenspan was almost a cult figure, with the media treating every pronouncement as a gem containing great wisdom. His status is somewhat lower now that is apparent that his incredible mismanagement of the economy has given us the worst economic crisis since the Great Depression.

This raises the issue of why the media, or anyone else, should care that Alan Greenspan now thinks that it would be a good idea to let the Bush tax cuts lapse in their entirety. Those who care about such trivia may recall that Mr. Greenspan had originally been an important advocate of these tax cuts. His stated reason was that he was concerned that the government would pay off its debt too quickly.

Comments (3)Add Comment
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written by izzatzo, July 16, 2010 6:57
Gee Mr Greenspan, we know you wanted to limit how fast the government could pay off its debt so it wouldn't have a surplus to spend, but to engineer a massive collapse of the economy with tens of trillions in losses to achieve that destroyed the village in order to save it. It must be gratifying to know there won't be a surplus to worry about for a long time.

Funny how you would know how the government would spend a surplus while claiming that it's not possible to predict regulatory risks, therefore no regulation is better than some regulation, then after the collapse, claiming no one could have known. Any relation to Rumsfeld?
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written by Fed Up, July 17, 2010 5:30
Ask geekspeak how far the stock market (where all his friends are) has to fall before he changes his mind.
curzio
written by malaparte, July 19, 2010 11:29
As I recall, Greenspan in his memoirs or speaking somewhere was soon horrified by what had happenned. The deficits, Bushes response to the war to just go out and spend quickly brought Alan around. And then again maybe I'm having a Seifeld momement.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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