Sunday, August 01, 2010
Ten years after
He let the fiscal fiasco known as Republican tax and budget policy gut the finances of the US, former Fed President Mr. Andrea Mitchell finally says tax cuts do not increase revenues.
In an interview on NBC's "Meet the Press," Greenspan expressed his disagreement with the conservative argument that tax cuts essentially pay for themselves by generating revenue and productivity among recipients.We won't speculate on the courage it takes to speak the truth after the damage has bee done, but Ayn Rand must be spinning in her grave so please say it again Mr Mitchell.
"They do not," said Greenspan.
"I'm very much in favor of tax cuts but not with borrowed money and the problem that we have gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money," he said. "And at the end of the day that proves disastrous. My view is I don't think we can play subtle policy here."
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