Azara Blog: A bit late in the day Greenspan pans Bush

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Date published: 2007/09/15

The BBC says:

The former chairman of the US Federal Reserve Alan Greenspan has said President George W Bush pays too little attention to financial discipline.

In a book to be published next week, Mr Greenspan says Mr Bush ignored his advice to veto "out-of-control" bills that sent the US deeper into deficit.

And Mr Bush's Republicans deserved to lose control of Congress in last year's elections, he charges.
"Little value was placed on rigorous economic policy debate or the weighing of long-term consequences," he says of the Bush administration.

And he charges that Republicans in Congress "swapped principle for power" and "ended up with neither".

Of course it would have been better if Greenspan had not provided cover for Bush's economic policy back when Greenspan was running the Federal Reserve. And everybody knows now that "little value was placed on rigorous economic debate" when it came to the budget. No matter what the economic problem was (or is), according to Bush the solution was (or is) tax cuts, with no equivalent cuts in spending (so in fact the tax was just being shifted to future generations of tax payers, it was not really a tax cut). We don't really need Greenspan to tell us this.

The lack of "rigorous debate" is the hallmark of the Bush White House with regard to all subjects, not just economics. They are not interested in analysis, just dogma. It is easily one of the worst administrations of all time.

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