Posted by
zapdoodat on Wednesday, January 28, 2009 4:20:59 PM
A damming indictment of George 'W' bush and the Republican Party's 'cut taxes and spend even more' philosophy.
And now for some quotes from the 2001 era from Mr. Alan Greenspan's book, 'Age of Turbulence.'
We start on page 213, enter George 'W' Bush.
"The other issue looming large for the Fed was the disappearance of the national debt. Strange as it may seem in hindsight, in January 2001 the possibility was real. Nearly a decade of rising productivity and growth and budget discipline had put the U.S. government in a position to generate surplus's 'as far as the eye could see,' to borrow the phrase coined by President Reagan's budget director David Stockman in projecting deficits nearly two decades earlier. Even allowing for the recession that might now be setting in, the nonpartisan Congressional Budget Office was getting ready to raise its projection of the surplus to a stunning $5.6 trillion over ten years. This was $3 trillion higher than the CBO had forecast in 1999, and $1 trillion more than it had predicted just the previous July."
Folks, look at what Republicans have done to our mighty and proud nation. Another excerpt from Alan Greenspan's 'Age of Turbulence' on Republican malfeasance in the 21st century.
"But now the projected surpluses were so large that debt repayment would be completed within a very few years. Yet the surpluses would continue. The CBO statisticians now envisioned the surpluses under current policy at $281 billion in 2001, $313 billion in 2002, $359 billion in 2003, and so on. Assuming no major shift in fiscal policy, the CBO expected the reducible debt to be fully paid off by 2006; any surpluses thereafter would have to be held in some form of non-federal assets. In 2006 the surplus would break $500 billion. Thereafter, more than a half trillion extra dollars would flow into Uncle Sam's coffers each year."
And now, the last and most insightful quote of them all. It shows the Republican Party's ideological philosophy in the 21st century
according to lifetime Republican, Alan Greenspan, in his book 'The Age of
Turbulence', from page 217.
"Little value was placed rigorous economic policy debate or the weighing of long-term consequences."