still [update: Eric Martin (of TIA and LAT) is none too pleased : Hack Attack]
Here's the problem with Greenspan's faux defense, and why it's not so unfair to hold him accountable: he has consistently counseled against repealing those same tax cuts as a means of putting the nation's fiscal house in order. So, according to him, he should be given a free pass on all of his sage advice concerning the preservation of those tax cuts because once, four years ago, he said they should have a sunset provision built in - even though now he opposes efforts to pass an ex post facto repeal. Not very convincing Mr. Greenspan. If you think those tax cuts should have been passed with provisions for their eventual rescission, why not advocate for their repeal now - which would accomplish the same goal. Otherwise, live with your hackularity. What also caught my eye, at least in the New York Times' coverage (note: the reference to private accounts is not included in the most updated online version of the story), was the fact that Greenspan cautioned that the time was not right for private accounts, and that the trillions that would need to be borrowed to fund the transition from the current system to partial privatization would further spike the deficits and would likely cause a sharp increase in interest rates. When one of the biggest GOP political hacks in Washington comes out against privatization, the President's plan might be DOA. If so, RIP.
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