Greenspan Says Current Budget Policy `Unsustainable' (Reuters)

[cthrumatrix]

Greenspan Says Current Budget Policy `Unsustainable'

March 2 (Bloomberg) -- Federal Reserve Chairman Alan Greenspan told Congress the record U.S. budget deficit is ``unsustainable'' and that spending cuts are needed before costs balloon for Social Security and other benefit programs.

The U.S. may have made promises it can't keep to baby-boomers who are getting ready to retire starting in 2008 and any changes to government programs should be made ``sooner rather than later,'' Greenspan told the House Budget Committee.

``Our budget position is unlikely to improve substantially in the coming years unless major deficit-reducing actions are taken,'' the chairman said.

snip

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aNrrPG39rQtA&refer=home

Isn't this what shrubby was saying all during the election run-up. Everything is fine...right?

Both should go to jail.

[whistle]

1. Greenspan has become a talking head for the republican.....

...neo-conservative position of rob from the poor and middle classes and give to the rich in the form of tax breaks. Deficit reducing actions, like raising taxes on the rich to pay for the wars they created and also stopping wars would certainly help.

[deacon]

2. Link, please provide a link! :) n/t

[cthrumatrix]

4. done..thanks

[EVDebs]

8. Just read "Perfectly Legal" by David Cay Johnston

If you're making over $3 million yr (the top 1 and 1/2 % of taxpayers) then Bush is your man since you got most of the tax cuts. The rest of us 98.5% got stuck paying for most of the needs of government - state, federal and local. Chapters 7 and 8 are just devastating to conservatives but I must warn you Dems went along for the ride on this stuff too.

[all.of.me]

3. a 'major deficit-reducing action' would be to...

...replace 'deficit' with 'military'

[napi21]

5. I suggest cutting ALL pork funding in every state for 2 years!

Fund SS, medicare/medicaid, housing support, etc.

Eliminate ALL new building, museums, monuments, highways, agriculture support, foreign aid, everything!

They should do the same thing we have to do when we lose a job, or have to take a reduction in income. You eliminate going out to dinner, buying new toys, even what you buy at the grocery store.

But it has to be across the board! EVERY group has to be hit hard.

I could be done, and rather quickly, if all those guys in the House and Senate were determined to do it. Just tell the dfolks back home that we can't afford it right now!

[Mnemosyne]

9. Excellent idea!!! Anyone with ideas to put in force?? Let's force this!

napi21, this is brilliant. Thank you.

And thanks to cthru also.

[napi21]

10. I only wish this could happen!!!

There'a not a Rep of Sen who would do anything even close.

[leesa]

28. Or, they could end these nonsense wars and eliminate the tax cut for the

rich. They could also cut military costs in half. Why should all the social programs always take the hit?

[Warpy]

6. Translation:

"Congress will no longer be able to hide what a disaster tax cuts for rich old fucks like me have been to the treasury because they'll have to pay all those nasty ex hippies 100% of what's being taken in as FICA."

That day can't come soon enough. Perhaps then we'll start to get some sensible tax policy back in this country, and rich old fucks like Greenspan will have to start paying their own way.

[Nite Owl]

7. And he still agrees with the tax

cuts. Sure let the richest get theirs and the rest of us should do without. And that actually makes sense to the ones who voted for him that are barely hanging on.

[Frances]

11. So

Greenspan encouraged Congress to give OUR surplus to the rich as tax cuts.

Now the surplus is gone.

But does Greenspan ask the top 1% to do their fair share?

No--he wants to rob the poor suckers who voted for "moral values."

Remember when Newt wanted to bring back orphanages. It won't be long before the Republicans take us back to the 19th century poorhouse and work house and debtors' prison.

[GHOSTDANCER]

12. Anyone with a brain in their head can see that...... Hello Mcfly ! ! !

You know of any other business that operates with a gigantic debt and on top of that can loan money to others?

Maybe Greenspan realizes others are realizing that the little money game they created has been playing with a set of fixed dice.

[scarletlib]

13. Oh woe are we!

Gosh Alan is there no other solution to this terrible dilemma in which we find ourselves?

Won't some noble rich persons volunteer to sacrifice the obscene tax cuts that have been given out under this administration? Or it too too awful to think that a rich person might have to give a little of the piles of money they have?

Alas, it is too great a sacrifice to impose of the fragile rich.

Therefore the only solution to this terrible dilemma is to stick it to the poor. Let them go without. Let them suffer from lack of medical care. Let them go hungry. The poor are already used to that anyway.

[hfojvt]

22. The Great and Powerful Wizard of Greenspan

keeps saying 'If we increase taxes, it will slow economic growth' :scared:

People like Greenspan make me wish there really was a hell so he could get what is coming to him. I would love to be there on the judgement day to quote Pink Floyd "Just five minutes, worm your honor, him and me alone." Can I blame Clinton for reappointing that worthless, pompous, lying fu$%? Shoulda replaced him with Ruben or Bentsen or Reich.

[lancdem]

32. Greenspan was actually tolerable when Clinton was prez

He basically endorsed Clinton's first budget, which ended up cutting the deficit. But he's gotten much worse since * came in office.

[Demeter]

39. So They Cut Taxes, and What Happened?

Worst Economy Ever!

[HysteryDiagnosis]

14. So Mr. Greenspan knows what most high schoolers probably know...

what does that make him? A genious? A seer? Or just someone who had to be shown the damages already done in order to arrive at this "original thought".

[Blower]

15. In picture form--

[MichiganVote]

16. And in the meantime the rich get richer,

[screembloodymurder]

17. Can't keep promises! They took my money for 40 years.

Then Bush gave it to his rich friends. If these guys want to see democracy in action just try and cut SS. We'll have the Boston Tea Party on the WH lawn!

[driver8]

18. Really? Cutting taxes and then spending, spending spending

doesn't work? Hmmm...interesting. It seems logical to me.

[Phoebe Loosinhouse]

19. Greenspan reveals who is buried in Grant's Tomb

And why did it take so long for this earthshattering revelation? While deficits rise, the dollar weakens, and the trade imbalance turns into a tsunami. Yeah, good call Alan.

[LynnTheDem]

20. Instead of SCREWING Americans, how about keeping bush's TEMPORARY

tax cuts as TEMPORARY. Then SS would be funded for the next CENTURY.

Gee what a RADICAL IDEA!

[cliss]

21. Message to Alan Greenslime:

"You are a dangerous old fool. On the one hand, you have convinced all of us here at the DU that you are a bought-and-paid-for prostitute for the Bush administration. You make statements that clearly show that you are making propaganda statements that are not at all aligned with the truth. You are, in fact, lying."

"Why, then, do you come out with contradictory statements, that seem like now, suddenly, you are being impartial?"

I have no use for people like you.

[Lindacooks]

23. No duh, you stupid old fart Greenspan.

eom

[Seabiscuit]

24. The "rack" is too kind a punishment for the likes of Greenspan.

[madmark]

25. Greenspan endorsed the tax cuts that led to our current fiscally

irresponsible state that he now calls unsustainable. This is the same guy who frets over any increase in middle class wages on the grounds its inflationary while accepting oil price shocks aplomb. And I have never seen a legislater effectively examine him on these bullshit positions.

[natrat]

26. where was that old whore for the last 5 years-what a douche

[Massachusetts]

27. "Greenspan Says Current Budget Policy `Unsustainable'

No shit Sherlock!

[oc2002]

29. Greenspan and the Federal Reserve Board are soon to be IRREVELENT.

As Asian banks that hold trillions of dollars worth of, apparently worthless US Treasurey bonds now are in more control of the future than the US Government.

You can thank both the Democrats and Republicans, but mostly Republicans.

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_pesek&sid=aKmRPPpmFAfg

[Skittles]

30. yeah well thanks a lot Greenspan you f***ing ASSHOLE

you supported the policies that got us in this position you bush whore piece of SHIT

[Roland99]

31. Greenspan's support of a consumption tax will hit the poor & middle class

the hardest. A greater % of their income is spent on goods such as food, clothes, household appliances, etc.

[GOPBasher]

33. Gee, really? It's unsustainable? No way!!!!

I thought adding two trillion dollars to the debt in four years was sound budget policy!!! :spank:

[Canuckistanian]

34. They slash taxes then are "amazed" that there's a deficit

And the solution? Deep cuts to spending. Grover Norquist must be proud.

[catmandu57]

35. Now he's calling for a VAT

The real purpose of the ss gambit is now revealed, we're broke the moran* has spent us into the poorhouse, and rather than take back what he gave to the piggies, those with little and less are going to be forced to pick up the slack.

[Yavin4]

36. Correct Me If I'm Wrong, but...

wasn't this the same asswipe that said four years ago that surpluses were bad. That we don't want the run the risk of paying off our debts too quickly.

[hoosierblue]

37. Hmmm...

Let's see here.

American Revolution: Caused by the French-Indian War, we didn't want to pay taxes to pay for a pointless war, after which we couldn't take over the land (Ohio Valley)

Current Situation: Caused by the War in Iraq, we don't want to pay taxes for a pointless war, after which we can't take over the land (Mesopotamian Valley)

I guess the only answer is Revolution.

Which won't be televised.

[Demeter]

38. Greenspan: A New Definition of Chutzpah!

The obscenely rich weren't happy that they had to pay some tax, so they bought Bush to fix it, and their piles of cash grew and grew, creating a liquidity crisis and a downward death spiral in the US economy. Greenspan enabled this.

As I see it, the obscenely rich have two choices:

(1)watch inflation shrink their piles of loot and destroy the economy,

or

(2) pay a fair tax to bring the money back into the economy so that all boats rise (even theirs).

Now which choice do you think the obscenely rich will choose?