Wednesday, February 25, 2004
The "independent" Fed? Don't make me laugh!
Because it hurts too much. AP:
Hey, remember when we had surplusses as far as the eye could see? Shows the wisdom of electing a President, I guess.... Since the President then has at least some incentive to take care of the people's money....
That's why, ten years ago, we raised payroll taxes to deal with this. Foolishly, we left the money in the general fund. Nobody imagined that Bush would piss it away with tax cuts for the uber-rich, but that's what happened.
Two minds with but a single thought—more commissions for Wall Street brokers! It's beautiful! (sniff)
Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to deal with the country's escalating budget deficit by cutting benefits for future Social Security retirees. Without action, he warned, long-term interest rates would rise, seriously harming the economy.
Hey, remember when we had surplusses as far as the eye could see? Shows the wisdom of electing a President, I guess.... Since the President then has at least some incentive to take care of the people's money....
He said the prospect of the retirement of 77 million baby boomers will radically change the mix of people working and paying into the Social Security retirement fund and those drawing benefits from the fund.
"This dramatic demographic change is certain to place enormous demands on our nation's resources - demands we will almost surely be unable to meet unless action is taken," Greenspan said. "For a variety of reasons, that action is better taken as soon as possible."
That's why, ten years ago, we raised payroll taxes to deal with this. Foolishly, we left the money in the general fund. Nobody imagined that Bush would piss it away with tax cuts for the uber-rich, but that's what happened.
President Bush said he had not seen Greenspan's comments, nor spoken to him...
Two minds with but a single thought—more commissions for Wall Street brokers! It's beautiful! (sniff)
