Put him out to pasture before he does any more damage
Paul Krugman has a must-read column on Alan Greenspan
Last week Mr. Greenspan warned of the dangers posed by budget deficits. But even though the main cause of deficits is plunging revenue â€” the federal government’s tax take is now at its lowest level as a share of the economy since 1950 â€” he opposes any effort to restore recent revenue losses. Instead, he supports the Bush administration’s plan to make its tax cuts permanent, and calls for cuts in Social Security benefits.
Yet three years ago Mr. Greenspan urged Congress to cut taxes, warning that otherwise the federal government would run excessive surpluses. He assured Congress that those tax cuts would not endanger future Social Security benefits. And last year he declined to stand in the way of another round of deficit-creating tax cuts.
But wait â€” it gets worse.
It’s about time someone started pointing out that Greenspan has no clothes.