TAXES, TAXES, TAXES….Alan Greenspan, testifying as an individual, not as chairman of the Fed ? and what’s up with that? ? is worried about the size of federal deficit. However, he
admitted that the size of the deficit made it unlikely that spending cuts alone would be sufficient to accomplish the task. And he said it was unlikely that the United States could “grow its way” out of its budget deficits solely with an expanding economy, a solution often promoted by conservatives.
Hmmm, let’s see. Spending cuts won’t do it. Economic growth won’t do it. So what’s left?
Oh yeah, repealing Bush’s tax cuts. Funny how he just hates to admit that even though he’s left no other mathematical alternative, isn’t it?
There are times when I wonder if there are any adults left in Washington. As it happens, I agree with Greenspan that some minor tweaks to retirement ages and cost-of-living calculations could go a long way toward reducing the future cost of Social Security, but why is it so hard to admit that taxes are going to have to go up too? What’s with these guys?