Get Your Facts: Greesnpan on 1982 Commitee that Raised Soc Sec Taxes

[cthrumatrix]

that was supposed to fix Soc Sec going forward. So is Greenspan a liar, a thief or both?


Federal Reserve Apparently Disowns Alan Greenspan
by Tim from VA
Wed Mar 2nd, 2005 at 21:02:31 PST

Update <2005-3-3 0:2:31 by Armando>: From the diaries by Armando. I am especially interested in two things here- (1) Is there a split between Greenspan and the Fed on SS?; (2) When Greenspan has spoken on his own behalf only, what has he endorsed? The 2001 tax cuts come to mind, to keep Congress from spending the surplus he said. Ha! One last point - Greenspan was on the SS Commission in 1982-3 that pushed through the big payroll tax hike - in order to save Social Security then, or so they said. Now Greenspan tells us that that was a complete fraud? There really is no Trust Fund? If that's true what Greeenspan is saying is he supported the most regressive shift in tax burden - on to working and poor Americans and off of the rich - in the history of the nation. That's a hell of a thing.


What on earth is going on here? Alan Greenspan testified before Congress today about the supposed financial crisis on the way, and tried to place the blame on squarely on Social Security obligations. He also talked about a number of fiscal restraints that Congress had imposed in the 1990's but left basically unmentioned the effect of the ridiculous Bush tax cuts for the wealthy, the staggering costs of the Iraqi War, and the rising expenditures under the Bush regime on corporate welfare for his political donors. In other words, Mr. Greenspan basically got up in front of Congress and acted as a shill for George Bush, in a way that should embarrass the supposedly independent Federal Reserve Board.


snip

http://www.dailykos.com/

[DrZeeLit]

1. Yes, "shill" was the first word out of my mouth when I heard him. n/t

It's time for Mr. G to take "early" retirement, the golden handshake, or time off for "good behavior."

I admit... I'm harboring a bit of irrational exuberance -- he's hanging himself out to dry.

[indepat]

3. A diabolical partisan shill whose name should forevermore live in infamy

IMHO for this issue alone among others.

[Warpy]

2. Greenspan is a rich old fuck who didn't want people to notice

what shifting the tax burden away from rich old fucks just like him was doing to the treasury, so he suggested jacking up FICA on the poorest for two reasons: first, it would provide a back door tax increase on those least able to pay; and second, it would create a large burden in the form of FICA and the lower classes would clamor for an end to a socialist program that WORKS.

Well, he got his wish on the former. He miscalculated on the latter, and Fuckwit's team is discovering they're miscalculating, too.

[Jim__]

4. That 1982 committee recommended building the trust fund to keep

SS solvent. Now he's telling us that the SS having a trust fund causes financial problems. So, was he lying then, or is he lying now? Or, maybe he was lying both times.

[cthrumatrix]

6. the point is "we are being hoodwinked" and the press won't call him out

[Toots]

5. Clinton MADE Greenspan

If it were not for Clinton and his good economics Greenspan would of been gone long ago. Clinton created good sound economics in spite of Greenspan. Republicans could not accept that a Democrat had done it so gave all the credit to Greenspan. Well we still have Greenspan and total Republican Control so where is our super great economy. Why are we not swimming in surplus? I'll tell you why. Republicans don't know anything about real economics. How most of them got their money was by illegal means. They do the exact opposite of what it really takes and Americans are so stupid that they believe they are doing good. War is not good business for most Americans. Only the select few Republicans that deal in War Machinery and Death. The government investing in America is what is good for the economy and that is the last thing Republicans want to do.

[Supersedeas]

7. Greenspan wants to rest on a political legacy--and a Reaganesque funeral