[Marxism] Greenspan the Great
calvinbroadbent at hotmail.com
Fri Mar 5 05:58:03 MST 2004
Sorry, don't know where this is from- someone sent it to me. My question is-
why tax cuts for the rich? Whynow, why ever? Is this an inevitable feature
of monopoloy capitalism? If so, why? And would Kerry or any Democrat be any
different? If not, why not? Sorry for the big questions, just very
interested in people's response.....all the best.
GREENSPAN THE GREAT
Analyst Thomas C. Lewis offers an analysis of the testimony yesterday before
House Budget Committee, by Federal reserve Chairman Alan Greenspan. He urged
that cuts be made in Social Security benefits for future retirees rather
raising taxes to deal with the huge budget deficit. Lewis offers the sort of
analysis we rarely see on all those financial shows:
"Let's look at the logic of this. Bush inherits a budget surplus from
cuts taxes for the very wealthy, signs a Medicare bill that does more for
and big pharma than the elderly, pushes defense and law enforcement spending
through the roof without making us safer (see George Tenet's testimony
yesterday), cuts every social program, pushes the federal deficit through
clouds, and Greenspan wants retirees to pay for it out of their pissant
Security benefits. Thus, the working poor and elderly pay twice for Bush's
"Is Greenspan nuts? No. He's in Bush's pocket. How did he get there? Because
Greenspan's version of the economy includes only central bankers, Wall
big business, and the very rich.
"How can we know this? Just listen to Greenspan talk about inflation. The
inflation he talks about is an economist's theoretical, aggregated number
bears no relation whatsoever to the costs of daily life for the Americans in
bottom three quintiles of household income.
"Greenspan should try for, say, twenty years, as many middle class Americans
have done, to pay for college tuition for two or three kids, plus the costs
helping elderly parents make their way through the marvelous health care
Higher education and health care have been the two most inflationary sectors
the American economy since the 1960s (other than the costs of war). How do
people do this? They acquire large, nearly unpayable debts. Debt hurts
individuals and benefits the corporate economy. The only debt Greenspan
about is federal debt because it has the potential to drive up interest
and cause the kind of inflation Greenspan cares about, the inflation of
and borrowing costs to corporations."
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