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Thursday, April 21, 2005

Hacktacular. Alan Greenspan is so highly over-rated. He's the Brian Bosworth of economics. He's the Grateful Dead, the Jennifer Lopez, the Ronald Reagan. What nugget of wisdom does Mr.Greenspan have for us today?
"The federal budget is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years."
No, really? Now why is it that we have huge deficits? Oh, that's right--it's because of those massive tax cuts for the wealthy that Greenspan supported. According to the CBPP:
Indeed, the contribution of the tax cuts to the current deficit exceeds the contributions attributable to other factors, such as the economic downturn. A new CBO study finds that the direct effects of the business cycle account for only six percent of the 2004 deficit. Furthermore, when the cost of all legislation enacted since 2001 is considered, the tax cuts are found to cost more than all program increases combined, including increases in military expenditures, homeland security, and education spending. Domestic discretionary spending (which is funded on an annual basis) is now being singled out by the President and Congress for reductions. The cost of the tax cuts, however, is 18 times the cost of the increases in domestic discretionary spending.
Of course, this won't stop Shrub from pushing for making the tax giveaways permanent.

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