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Greenspan Testimony Highlights Bush Plan for
Deliberate Federal Bankruptcy
By Michael Meurer
t r u t h o u t | Perspective
Tuesday 02 March 2004
Fed Chairman Alan Greenspan's Feb. 25 testimony to the House
Budget Committee provided an unintentionally candid look at the
Bush administration's deliberate fiscal policy of bankrupting the
federal government to justify a sweeping program of privatization.
During his February 25 testimony before the House Budget Committee, Federal Reserve Chairman Alan Greenspan generated sensational national headlines by recommending that President Bush's $1.5 trillion in tax cuts be made permanent while Social Security and Medicare benefits be dramatically cut to achieve long term deficit reduction and a balanced budget.
In spite of the media furor and across the board condemnation by the remaining Democratic presidential candidates, there should be no reason for surprise at Greenspan's remarks. In his capacity as shill for the Bush administration, the Chairman's recommendations make perfect sense, as long as one is not foolish enough to believe the window dressing about a long term balanced budget. Mr. Greenspan is laying the groundwork for a second Bush administration, not a balanced budget. His remarks, and most of the economic policies of the Bush administration, can only be understood against the backdrop of the little remarked right wing agenda of deliberate federal bankruptcy.
From the first months of the Bush administration, when their initial breathtaking tax cuts were presented to Congress, it has been obvious that the explicit goal of this administration is to bankrupt the federal government to justify a sweeping program of privatization. Pursuing federal bankruptcy is a deliberate policy.
This administration's pursuit of bankruptcy as deliberate policy had to be extraordinarily bold from day one because public programs such as Social Security were so extraordinarily solvent into the distant future, and the underlying strength and diversity of the U.S. economy was sufficient to keep them that way if spending priorities were not radically altered. The events of 9/11 provided the perfect cover for pursuing federal bankruptcy in the guise of an open ended war on terror.
ANOTHER MUST-READ
Greenspan Testimony Highlights Bush Plan for
Deliberate Federal Bankruptcy
By Michael Meurer
t r u t h o u t | Perspective
Tuesday 02 March 2004
Fed Chairman Alan Greenspan's Feb. 25 testimony to the House
Budget Committee provided an unintentionally candid look at the
Bush administration's deliberate fiscal policy of bankrupting the
federal government to justify a sweeping program of privatization.
During his February 25 testimony before the House Budget Committee, Federal Reserve Chairman Alan Greenspan generated sensational national headlines by recommending that President Bush's $1.5 trillion in tax cuts be made permanent while Social Security and Medicare benefits be dramatically cut to achieve long term deficit reduction and a balanced budget.
In spite of the media furor and across the board condemnation by the remaining Democratic presidential candidates, there should be no reason for surprise at Greenspan's remarks. In his capacity as shill for the Bush administration, the Chairman's recommendations make perfect sense, as long as one is not foolish enough to believe the window dressing about a long term balanced budget. Mr. Greenspan is laying the groundwork for a second Bush administration, not a balanced budget. His remarks, and most of the economic policies of the Bush administration, can only be understood against the backdrop of the little remarked right wing agenda of deliberate federal bankruptcy.
From the first months of the Bush administration, when their initial breathtaking tax cuts were presented to Congress, it has been obvious that the explicit goal of this administration is to bankrupt the federal government to justify a sweeping program of privatization. Pursuing federal bankruptcy is a deliberate policy.
This administration's pursuit of bankruptcy as deliberate policy had to be extraordinarily bold from day one because public programs such as Social Security were so extraordinarily solvent into the distant future, and the underlying strength and diversity of the U.S. economy was sufficient to keep them that way if spending priorities were not radically altered. The events of 9/11 provided the perfect cover for pursuing federal bankruptcy in the guise of an open ended war on terror.
ANOTHER MUST-READ
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