Greenspan is a NeoTheoCon Hack

Four years ago, Alan Greenspan urged Congress to cut taxes, asserting that the federal government was in imminent danger of paying off too much debt. On Wednesday the Fed chairman warned Congress of the opposite fiscal danger: he asserted that there would be large budget deficits for the foreseeable future, leading to an unsustainable rise in federal debt. But he counseled against reversing the tax cuts, calling instead for cuts in Social Security, Medicare and Medicaid...

Bush celebrated the budget's initial slide into deficit. In the summer of 2001 he called plunging federal revenue "incredibly positive news" because it would "put a straitjacket" on federal spending.

To keep that straitjacket on, however, those who sold tax cuts with the assurance that they were easily affordable must convince the public that the cuts can't be reversed now that those assurances have proved false. And Mr. Greenspan has once again tried to come to the president's aid, insisting this week that we should deal with deficits "primarily, if not wholly," by slashing Social Security and Medicare because tax increases would "pose significant risks to economic growth." Really? America prospered for half a century under a level of federal taxes higher than the one we face today. According to the administration's own estimates, Mr. Bush's second term will see the lowest tax take as a percentage of G.D.P. since the Truman administration. And don't forget that President Clinton's 1993 tax increase ushered in an economic boom. Why, exactly, are tax increases out of the question?

Aside from the fact that all the robber barons are making wheelbarrows full money, and their loving sycophants think they are getting ahead (Ponzi scheme, anyone?), we know why.

Rove knows that to force the reactionary order, Bush must borrow. He must place a millstone around the necks of the next generation of government, and then make it so that to make those payments, the Republicans must be in charge.

If the Democrats take the presidency by accident, the Republican Congress will merely stop doing the behind the scenes financial juggling - of budget borrowing, shuffling of money between accounts, raising the debt ceiling, passing huge unfunded mandates - that keep the economy alive.

There will, in such a case, be a massive recession, and the Republicans will take power again. The government will become a massive protection racket, with the public held hostage...