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Friday, March 04, 2005

Is it really that wise for Harry Reid to be out there attacking Alan Greenspan?
Reid ripped Greenspan during an interview on CNN's "Inside Politics." He said the Fed chairman has given President Bush a pass on deficits that have built up in the past four years and should be challenging Republicans on their fiscal policies, rather than promoting Bush's plan to introduce personal accounts into Social Security.

"I'm not a big Greenspan fan -- Alan Greenspan fan," Reid said when asked about the Fed chairman's testimony this week urging Congress to deal quickly with the financial problems facing Social Security and Medicare. "I voted against him the last two times. I think he's one of the biggest political hacks we have in Washington."

Reid said that when Bill Clinton was president, Democrats had confronted the deficit problem by enacting a tax increase in 1993, which helped bring about a balanced budget and strong economic growth later in the decade.

"Why doesn't he respond to the Republicans and tell them the big problem here is the debt that this administration [has] created?" he said. "We had a $7 trillion-dollar surplus when Bush took office. Now we have a $3 or $4 trillion-dollar deficit. That's, in fact, what Greenspan should be telling people."

Do the Democrats really believe that stuff about how Clinton's tax increase helped bring about the balanced budget? THey need to reread a history of the economy in the 90s and note that the economy started to improve after the Republicans took over control of Congress in 1995, not after Clinton's 1993 tax increase. Unlike Bush's 2003 tax cut which almost immediately sparked economic growth, Clinton's tax increase did no such thing.

posted by Betsy Newmark permalink 6:49 AM

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HOME Betsy neither necessarily uses, nor endorses, the products advertised on this site. Comments from an AP history and government teacher in Raleigh, NC. e-mail betsynewmark AT gmail.com Site Feed Wikio Your Market Research Here		Friday, March 04, 2005 Is it really that wise for Harry Reid to be out there attacking Alan Greenspan? Reid ripped Greenspan during an interview on CNN's "Inside Politics." He said the Fed chairman has given President Bush a pass on deficits that have built up in the past four years and should be challenging Republicans on their fiscal policies, rather than promoting Bush's plan to introduce personal accounts into Social Security. "I'm not a big Greenspan fan -- Alan Greenspan fan," Reid said when asked about the Fed chairman's testimony this week urging Congress to deal quickly with the financial problems facing Social Security and Medicare. "I voted against him the last two times. I think he's one of the biggest political hacks we have in Washington." Reid said that when Bill Clinton was president, Democrats had confronted the deficit problem by enacting a tax increase in 1993, which helped bring about a balanced budget and strong economic growth later in the decade. "Why doesn't he respond to the Republicans and tell them the big problem here is the debt that this administration [has] created?" he said. "We had a $7 trillion-dollar surplus when Bush took office. Now we have a $3 or $4 trillion-dollar deficit. That's, in fact, what Greenspan should be telling people." Do the Democrats really believe that stuff about how Clinton's tax increase helped bring about the balanced budget? THey need to reread a history of the economy in the 90s and note that the economy started to improve after the Republicans took over control of Congress in 1995, not after Clinton's 1993 tax increase. Unlike Bush's 2003 tax cut which almost immediately sparked economic growth, Clinton's tax increase did no such thing. posted by Betsy Newmark permalink 6:49 AM \|

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Friday, March 04, 2005