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"Former Federal Reserve chief Alan Greenspan believes Congress should let the tax cuts enacted by President George W. Bush expire for all Americans in order to address the widening deficit, according to a TV interview airing Friday.
"They should follow the law and let them lapse," Greenspan told Bloomberg TV's Judy Woodruff.
The 2001 and 2003 tax cuts are due to expire at the end of the year. President Obama had promised to make them permanent for families making less than $250,000.
But faced with growing fiscal challenges, there's debate in Washington about whether the country can afford to permanently extend the tax cuts."
"Suddenly, it seems everyone in Washington is singing the virtues of retiring the national debt. For two decades, as deficits mounted, it was a nonissue. But the prospect of surpluses has economists and policymakers thinking the unthinkable: erasing the $3.8 trillion pile of federal IOUs held by the public.
Bill Clinton would buy down the debt over 15 years, and even has the blessing of Alan Greenspan. On July 22, the Federal Reserve chairman told the House Banking Committee that cutting the federal debt ''is an extraordinarily effective force for good in this economy.'' On the same day, House Republicans joined in. While they still prefer generous tax cuts, they agreed to tie their across-the-board rate cut to declining interest on the debt.
So why the debt-reduction fever? Clinton sees it as a way to shore up the Social Security and Medicare programs, while blocking huge GOP tax cuts. To Greenspan, it's a ticket to lower interest rates. And to Hill fans, it's proof of fiscal prudence. Besides, paying down debt is a neat way out when politicians deadlock over how to spend the surplus.
A sharp drop in the debt would lead to lower interest rates and more business investment, boosting productivity and creating better-paying jobs. Says Assistant Treasury Secretary for Economic Policy David W. Wilcox: ''The most pro-growth, pro-saving fiscal policy that we are aware of is debt reduction.'' (If you've got the ca$h to do it!)
The outcome of this debate could have profound consequences for baby boomers and their children. Cutting taxes puts more cash in people's pockets today. But future taxpayers would be stuck with both the current debt and the costs of their parents' Medicare and Social Security. Trimming debt now forces boomers to defer consumption, but may protect their kids."
"Former Federal Reserve chief Alan Greenspan believes Congress should let the tax cuts enacted by President George W. Bush expire for all Americans in order to address the widening deficit, according to a TV interview airing Friday.
"They should follow the law and let them lapse," Greenspan told Bloomberg TV's Judy Woodruff.
The 2001 and 2003 tax cuts are due to expire at the end of the year. President Obama had promised to make them permanent for families making less than $250,000.
But faced with growing fiscal challenges, there's debate in Washington about whether the country can afford to permanently extend the tax cuts."
After all.....unlike 99% of 'Baggers, Big Al (actually) remembers what happened, after Clintonomics I!!!!!
"Suddenly, it seems everyone in Washington is singing the virtues of retiring the national debt. For two decades, as deficits mounted, it was a nonissue. But the prospect of surpluses has economists and policymakers thinking the unthinkable: erasing the $3.8 trillion pile of federal IOUs held by the public.
Bill Clinton would buy down the debt over 15 years, and even has the blessing of Alan Greenspan. On July 22, the Federal Reserve chairman told the House Banking Committee that cutting the federal debt ''is an extraordinarily effective force for good in this economy.'' On the same day, House Republicans joined in. While they still prefer generous tax cuts, they agreed to tie their across-the-board rate cut to declining interest on the debt.
So why the debt-reduction fever? Clinton sees it as a way to shore up the Social Security and Medicare programs, while blocking huge GOP tax cuts. To Greenspan, it's a ticket to lower interest rates. And to Hill fans, it's proof of fiscal prudence. Besides, paying down debt is a neat way out when politicians deadlock over how to spend the surplus."
Yeah.....it's lookin' like the 'Baggers might (FINALLY) get the lesson....they NEED....on fi$cal-re$pon$ibility!!!!!
"Former Federal Reserve chief Alan Greenspan believes Congress should let the tax cuts enacted by President George W. Bush expire for all Americans in order to address the widening deficit, according to a TV interview airing Friday.
"They should follow the law and let them lapse," Greenspan told Bloomberg TV's Judy Woodruff.
The 2001 and 2003 tax cuts are due to expire at the end of the year. President Obama had promised to make them permanent for families making less than $250,000.
But faced with growing fiscal challenges, there's debate in Washington about whether the country can afford to permanently extend the tax cuts."
After all.....unlike 99% of 'Baggers, Big Al (actually) remembers what happened, after Clintonomics I!!!!!
"Suddenly, it seems everyone in Washington is singing the virtues of retiring the national debt. For two decades, as deficits mounted, it was a nonissue. But the prospect of surpluses has economists and policymakers thinking the unthinkable: erasing the $3.8 trillion pile of federal IOUs held by the public.
Bill Clinton would buy down the debt over 15 years, and even has the blessing of Alan Greenspan. On July 22, the Federal Reserve chairman told the House Banking Committee that cutting the federal debt ''is an extraordinarily effective force for good in this economy.'' On the same day, House Republicans joined in. While they still prefer generous tax cuts, they agreed to tie their across-the-board rate cut to declining interest on the debt.
So why the debt-reduction fever? Clinton sees it as a way to shore up the Social Security and Medicare programs, while blocking huge GOP tax cuts. To Greenspan, it's a ticket to lower interest rates. And to Hill fans, it's proof of fiscal prudence. Besides, paying down debt is a neat way out when politicians deadlock over how to spend the surplus."
Yeah.....it's lookin' like the 'Baggers might (FINALLY) get the lesson....they NEED....on fi$cal-re$pon$ibility!!!!!
Yes of course fiscal responsibility is only for cheapskates and survivors ...
P.S. did your mom drop you on your head as a child or were you born without common sense ?
"President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.
"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."
Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.
This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."
who is pos repping this jerk ass? He needs to be down two stars.
One color. Left Justified. The text, not the point. Plain text.
Quit being such a total and complete moronic jerk ass about this.
Have some consideration for other people, you moron. You think adding colors to your text like a Kindergartner gives you intelligence points?
