Alan Greenspan Supports Higher Taxes

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Alan Greenspan wants to raise your taxes. The man who gave Bush intellectual cover for cutting taxes in 2001 and 2003 also supports their full repeal, even for middle class families. I never thought I would say this, but that makes Alan Greenspan more liberal than than President Obama.

It’s fair to assert that, as the celebrated overseer of our economy’s bubble expansions, Greenspan bears a large amount of responsibility for the worst recession since World War II. More than Robert Rubin, Ronald Reagan, or someone else whose initials are RR. On the other hand, he is at least a person with the intellectual honesty to change his convictions as events falsify them. Mitch McConnell or Newt Gingrich will never renounce starve the beast policies, but Greenspan, quite soon after the 2008 crash, that “I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.”

He’s also the dude who gave push intellectual cover to cut taxes, so it’s a big deal that he has switched course, saying, “It [repealing Bush's tax cuts] is risky, but the choice of not doing it is far riskier. It is the difference between bad and worse, but in neither case do I think the evidence suggests that it would be the tipping point for the economy.” Obviously, no Republican or moderate Democrat will agree with Greenspan at this point in his career or the economy’s trajectory, once again showing the depravity that is Congress. One of the men who saved the world is now treated like a crank by his former henchmen, more proof that there are no empirics in Congress, just ideology.”