Alan Greenspan And David Stockman: Tax Cuts For the Wealthy Based On Borrowed Money Are Wrong And Do Not Pay For Themselves!

Alan Greenspan, the former head of the Federal Reserve Board, and clearly a conservative and Republican in his philosophy, was on the ABC News This Week show yesterday.

Greenspan was asked if a continuation of the Bush tax cuts was a good idea with such a tremendous deficit situation. His response was that, in theory, tax cuts are good, but NOT on borrowed money!

Greenspan also said tax cuts DO NOT pay for themselves in the sense of economic expansion!

Is there any need to go further in seeing that what conservatives and Republicans are enunciating is totally hypocritical? πŸ™

We cannot afford, supposedly, to give extended unemployment compensation to those who are long term out of work, even though giving this to them promotes spending and the creation of jobs! But we can give more tax cuts to the top two percent, even though it has been shown that in most cases these people SAVE the money, rather than spend it, and DO NOT create new jobs because of receiving more tax cuts!

To top it off, former Reagan Budget Director David Stockman came up with exactly the same prescription: that tax cuts to the wealthy top two percent on borrowed money does not stimulate the economy! Instead, economists tell us it creates a more stratified society, already the most stratified in the industrial world!

But does this affect Sarah Palin, John Boehner, Mitch McConnell, or others in the GOP? No, just keep on borrowing money and raising the deficit so that the rich can become richer, the middle class is made poorer, public services are cut, and the poor become even poorer!

Is this the kind of America we want? To think this is justice requires a warped sense of morality! πŸ™

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