Pulling Back the Curtain on the Wizard of Fed

Who is Alan Greenspan kidding? Today, (as part of President Bush's Social Security Abolishment Campaign... I mean who are we really kidding) the Fed Chairman again testified that deficits were unsustainable... you don't have to be an economist to figure that one out.... again mouthing out that really the problem is spending.... Medicare and Social Security (we know who's controlling the puppet).

That's because there is no possibility of increasing revenue. Recklessly cutting taxes during a trumped up war, creating a new prescription drug entitlement program (based on false cost estimates) and creating a neutered Department of Homeland Security (thanks for all the cyber security briefs guys!) couldn't have anything to do with creating record deficits. As a new member of tax-itemizing citizens, I fail to believe that a modest tax hike will hurt our economy, especially in light of huge kick backs like the recently passed bankruptcy bill.

Of final amusement is:

Although Mr. Greenspan in 2001 approved the tax cuts that helped take the federal budget from a surplus to its current deficit, he called today for "a set of procedural restraints on the budget-making process.

"These could include limits on discretionary spending and requirements that additions to the budget be balanced by cutbacks elsewhere," he said. "Such guidelines were laid out in the Budget Enforcement Act of 1990 but lapsed in 2002.

"The brief emergence of surpluses in the late 1990's eroded the will to adhere to these rules," he added.

No, having an appointed CEO-crony administration eroded the will to adhere to these rules.