Greenspan: "We were all wrong" about tax cuts - All Keynesians now

[EVDebs]

Back in the 70's Nixon is reported to have said, "We're all Keynesians now". Greenspan at Senate hearing yesterday testified that Bush's 2001 tax cuts, with accompanying rosy surplus scenarios, said, 'It turns out that we were all wrong'. To which Sen Clinton ( D-NY) shot back, 'Just for the record, we were not all wrong, but many people were' !

Lovely. Greenspan and his supply-side wrecking crew are NOW fessing up to the damage they are doing to the economy. With huge tax cuts, $1.8 Trillion mostly going to the upper 1 and 1/2% - those making more than $3 million/yr - Bush's tax cuts barely made a dent in the 'economic recovery' we are now supposedly in. If those tax cuts had been steered to the other 98.5% of taxpayers, as any Democrat would have done, we'd be in clover by now.

They won't come right out and say it, but this is the Nixonian "We're All Keynesians Now" moment where Demand Side Economics returns to its rightful place.

I would hope in future testimony before Congress that Dems would ask more questions about 'Marginal Propensity to Consume' to Mr. Greenspan. Make 'em squirm !

[Nicholas D Wolfwood]

1. "You were right" just doesn't seem to cut it this time.

Especially since these assholes still aren't listening to us.

[papau]

2. Bush / Greenspan say "I'm wrong" but don't worry and follow me-media says?

If only we had an independent free media.

:-(

[EVDebs]

3. Really ! I about blew a gasket reading this about G'span this am

in our NYTimes subsidiary paper on page A3.

The 'puppydog' media needs to really hammer this since the tax cuts to the top one and one-half percent are the basis of this economic trashing the middle class and lower class have been taking in the shorts.

This truly is a sorry display of MSM's lack of economic education.

What can we DUers/bloggers do, papau, to kick some media asses ??

[KayLaw]

4. Just a little mistake-oops!

But NOW they know what they're doing. NOW we should trust them with our Social Security money. Yeah, right!

Honestly, do they think we're a bunch of brainwashed Freepers?