Crawl Across the Ocean

Thursday, February 17, 2005

Have Cake, Will Eat

According to the NY Times, Alan Greenspan "Backs Idea of Accounts for Retirement", but he "expressed unease that the change could lead to trillions of dollars in additional government borrowing in the next few decades."

In other news, Greenspan is reported to be supporting my plan to take a 3 month vacation to the South Pacific but is uneasy about the fact that I don't get that much vacation time and can't afford it.

The Times rightfully notes that,
"The comments were reminiscent of those Mr. Greenspan made just over four years ago, when he endorsed Mr. Bush's goal of cutting taxes on the theory that the government should gradually reduce its budget surpluses."

... but fails to remind readers that when Greenspan says that, "I think the existing structure is not working," he is referring to the structure that he himself set up back in 1983.

I appreciate that Greenspan has a tricky job trying to appease the 'tell-us-what-we-want-to-hear' Bush administration while reassuring the financial markets that he doesn't plan on having the U.S. default on it's debt at some point, but if anyone has the job security to call a spade a spade it's Greenspan and I think his disingenuous comments - which give support to Bush policies - are hurting the long term interest of Americans.

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