The revelations being let out by Mr. Greenspan’s new book are not surprising, and the response by the Bush Administration isn’t either.
In full myopic rhetoric, White House press secretary Dana Perino said:
“veto threats from the president were enough to keep spending from spiraling too high.” Also, in discussing the fact that spending increased due to a war time footing, Perino said the Bush Whitehouse would never apologise when such spending is necessary for “the safety and security of the American people.”
Well, Greenspan is right on a couple fronts here. First of all, Bush did not use the veto pen and to argue that the threat of it was enough to constrain spending is irrational. Either you veto the Farm Bill or you don’t. Either you veto the Medicare plan, or you don’t. Either you use it or you don’t and to argue that the threat of using it would curtail the likes of Denny Hastert or Tom Delay who regularly used government spending and earmarks to buy seats in the Congress is irrationality hardly to be matched, yet that is the line now argued by Ms Perino.
Greenspan is also correct in saying that his support for the tax cut in 2001 was a mistake. It was a mistake, given the resultant behavior of Bush. Had Bush restrained growth in the government and not signed on to spending like a drunken Kinnebunkportian, summer break college kid we would not have the staggering deficits nor need the massive influx of revenues to the federal givernment. The overall economic impact would have been far better than what we have now. Moreover, Greenspan must be taking the same view as expressed here on this blog; the rational for lowering taxes cannot merely be that it increases revenues to the federal coffers. Yet that is precisely what Bush argues every time he addresses the subject. Pure unadulterated nonsense and as anti-freemarket capitalist as you can get.
Bush is a myopic mystic, operating from a philsophy of self-sacrifice – the sooner he and his administration are gone the better.
And that’s the memo..