Not even bothering to disguise the relationship. First, the massive tax cuts for the rich, then the cuts in OUR retirement to help pay for a bit of those tax cuts. Greenspan Urges Cuts to Social Security to Reign In Deficit:
“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 rather than raising taxes.”
He is saying that the SAME money is better for the economy when given to rich people than when use to meet the needs of regular citizens.
And how else does he suggest solving the problem of the massive deficits resulting from the tax cuts for the rich?
“Tax rate increases of sufficient dimension to deal with our looming fiscal problems arguably pose significant risks to economic growth and the revenue base,” Greenspan said. “The exact magnitude of such risks is very difficult to estimate, but they are of enough concern, in my judgment, to warrant aiming to close the fiscal gap primarily, if not wholly, from the outlay side.”
He says that we must cut spending on the needs of the public rather that tax the rich. He says that raising taxes on the rich threatens economic growth but that cutting the incomes of elderly, or making the sick pay for their treatment, or cutting the paychecks of teachers or construction workers, etc. does not. In other words, he is saying that THE SAME money given to rich people is better for the economy than money spent on the needs of regular people.
Also posted at Daily News Online.