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Friday, March 11, 2005


Briefly, I want to respond to this mischaracterization of my beloved Alan Greenspan, whose first name I can rarely spell.

"Chairman Greenspan just gave in which he said that our structural budget deficits are a far greater threat to the nation's economy than either the trade deficit or our low savings rate. That's almost certainly so. But without putting too fine a point on it, the deficits are his fault! ...by placing his seal of approval on the president's 2001 tax cut package..." - Josh Marshall

It's not really illogical. High spending and high taxes are worse than high spending and low taxes, which are worse than low spending and low taxes. This is in our present situation of overspending, since 'high' and 'low' are subjective measures.

The deficits are the greatest threat to the economy, but they were created by removing a greater threat: high taxes. Thus Greenspan was correct in creating the deficits and then complaining about them.

I'm not really surprised Marshall dislikes Greenspan. Oh, I just found out, TPM is almost the most popular Leftblog. I knew it was big, with the clear writing and stylish emo glasses, but I didn't know it was in the top 5. This is a big deal because the left of the blogosphere is more centralised, according to some dudes I just linked. That link also has some bearing on my blosing about something. Later today, the first weekly Right Wing Book Review.


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