Greenspan said on NBC’s “Meet the Press” today, calling the economic crisis “imminent and dire.”
Greenspan said it will be hard to rein in the budget deficit because data show that if a disproportionate amount of the change come from tax increases “it won’t work,” while the impact of cutting back on spending is “almost insignificant.”
So let me see if I've got this right:
Greenspan says that if we simply increase taxes, that won't work - and if cut back on spending - that won't help much either. But, if we stick it to the people who can least afford it, well, everything will work out just fine?
I would suggest that eliminating waste and fraud and useless bureaucracy - and ending land wars that we have no business starting - might be good places to start....before raising taxes. I have no problem paying taxes, raising taxes, etc. - I just happen to believe that there are miscreant monkeys mismanaging the affairs of our collective national financial house.
Before assuming that Greenspan is some kind of an expert on economics - it might be enlightening to review a few of his more incorrect thoughts on the housing bubble.
Another article today notes the following: "the amount of marketable debt outstanding has risen to $9.13 trillion from $4.34 trillion in mid-2007".
