Ten years ago today:
New York Times (with some things they should have said):
"WASHINGTON, Jan. 25, 2001 — Alan Greenspan, the Federal Reserve chairman, gave his blessing today to a substantial tax cut, but warned that
it should not be so big that it would plunge the government back into deficit if the federal budget surplus fails to materialize as projected."In a clear shift from his previous position that reducing the national debt should be the focus of fiscal policy, Greenspan (the puckery Greek chorus boy for the Repuglican Party) said improvements in the economy's long-term potential and (from Bill Clinton's!!) swelling surplus projections had ''reshaped the choices and opportunities before us'' to permit a combination of debt reduction and tax cuts.
"...His comments were especially pleasing to the (Wall Street Republican ball-washers in the) White House, which has made President Bush's proposal for a $1.6 trillion tax cut over the next decade the centerpiece of its economic agenda."
Of course they were pleased. It's what they are all about.
The article ends with: "...(suggested that (Greenspan) was sympathetic to the concern expressed by many Democrats that a stampede to cut taxes could
come back to haunt the nation if the surplus falls short of expectations."
What could go wrong?
http://www.nytimes.com/2001/01/26/business/in-policy-change-greenspan-backs-a-broad-tax-cut.html?pagewanted=all&src=pm